(Bloomberg) — A Japanese startup backed by a former key SoftBank Group Corp. executive struck a clean energy agreement with furniture giant Nitori Holdings Co., tapping rising demand for power deals by companies aiming to curb emissions.
Tokyo-based Sustech Inc. will equip Nitori’s stores and warehouses with solar panels under a corporate power purchase agreement, Chief Executive Officer Yusuke Tanno said in an interview. Sustech will provide 80 megawatts of capacity and 100 gigawatt-hours of power by fiscal 2030, equivalent to powering 23,000 households annually, he said.
Companies in Japan are stepping up efforts to secure contracts for cleaner energy as they aim to respond to pressure from investors and consumers to lower greenhouse gas emissions. Agreements covering the purchase of about 164 megawatts of power were signed by corporate entities in the first five months this year, already an annual record and a rise from 91 megawatts in 2021, BloombergNEF analyst Isshu Kikuma wrote in a May report.
Read more: Corporate PPA Deals in Japan on Course for a Record Year: BNEF
Sustech, founded last year, raised 450 million yen ($3.3 million) in April, and counts former Softbank executive Katsunori Sago as a lead investor.
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