Spiral Capital and Nippon Gas led a $33m Series A round in Power X.

Spiral Capital and Nippon Gas led a $33m Series A round in Power X, a sustainable energy firm, with participation from Imabari Shipbuilding, NYK Line, MUFG Bank, Mitsui & Co. "Spiral Capital is very pleased to have invested in PowerX. I have known Mr. Ito during his days at Yappa, and his business acumen and scalability as an executive have been outstanding since then. I have always looked forward to working with Mr. Ito when he starts his own business again. When I learned about PowerX and its businesses, I was deeply impressed by its exceptional market potential that tackles the core challenges of decarbonization, its comprehensive business plan, and the global management team, and thus decided to lead this Series A fundraising. We look forward to working with the leading companies representing each industry to assist PowerX to become a driving force for decarbonization in Japan and globally," Tomokazu Okuno, Spiral Capital Representative Partner.