An investor consortium led a $38m Series C round in PowerX.

An investor consortium including ITOCHU, MUFG Bank, Imabari Shipbuilding, Frontive and Toyota Tsusho, led a $38m Series C round in PowerX, a vertically integrated BESS manufacturer and operator. "We are deeply grateful to the leading Japanese companies for their latest investment in PowerX. The strong support from existing shareholders, shown by their follow-on investment, is particularly encouraging for us. Our aim is to meet shareholders' expectations while contributing to Japan's energy self-sufficiency as a domestic battery manufacturer. Moving forward, we will double down on our efforts to develop and deliver innovative products in the future," Masahiro Ito, PowerX Director, President & CEO.