For faster and more effective response to deregulation and other market changes
TOKYO, June 27, 2018 - (JCN Newswire) - Tokyo Electric Power Company Holdings, Inc. (TEPCO) announced today that it has established TEPCO Ventures, Inc. as a wholly owned subsidiary charged with turning new businesses into venture companies. TEPCO Ventures, which will begin operating on July 2, will develop both wholly owned subsidiaries within the TEPCO Group and joint-venture companies formed with partners in various industries either in Japan or overseas.
New companies are expected to be developed in a variety of fields for next-generation "Utility 3.0" business fusing energy and other industrial platforms, such as distributed energy, solutions based on storage batteries, infrastructure utilizing drones, IoT technologies for location services especially for children and seniors, and power infrastructure beyond the scope of electricity.
Electricity utilities and the broader utility industry have been subjected to sharp changes as a result of the "5Ds" - deregulation, decentralization, decarbonization, digitalization and decreasing population. To adapt to these changes for long-term business sustainability, TEPCO's New Business Task Force so far has been investing in domestic and overseas ventures offering advanced business models and commercializing promising ideas from both inside and outside of TEPCO.
Going forward, however, TEPCO decided that it requires a more robust ecosystem to maximize the benefits of its new business development, including by increasing the speed of project development and the probability of success. As a result, it will replace its New Business Task Force with TEPCO Ventures, a subsidiary dedicated to business creation through quick decision-making and strategic allocation of corporate resources.
Under its mission statement, "Developing the future of utilities together," TEPCO Ventures will cooperate with core companies and other members of the TEPCO Group to create new value for society while strengthening the group's overall business portfolio and earning power.
Name: TEPCO Ventures, Inc.
Establishment: May 31, 2018
Location: 1-14-1 Kandasudacho, Chiyoda-ku, Tokyo, 101-0041, JAPAN
President & CEO: Shinji Akatsuka
Capital: 5 million yen (business development budget: 10 billion yen)
Equity: 100% owned by Tokyo Electric Power Company Holdings, Inc.
Business: Develop, and invest in, and support new businesses
Tokyo Electric Power Company Holdings, Inc. (TSE: 9501), headquartered in Tokyo, Japan, is the largest utility in Japan serving millions of homes and businesses. Worldwide the company has more than 34 subsidiaries and 32 affiliates in 8 countries and employs approximately 42,060 people. Consolidated revenue for the fiscal year ending March 31, 2017, totaled 5.3 trillion Japanese yen. The company was established in 1951 and is listed on the First Section of the Tokyo Stock Exchange. For more information visit http://www.tepco.co.jp/en/
For more information, please contact:
Tokyo Electric Power Company Holdings, Inc.
Corporate Communications Office., International Public Relations Group