Japan-based energy utility Tokyo Electric Power has formed an incubator subsidiary called Tepco Ventures to develop companies that will combine energy and industrial technology.
Tokyo Electric owns nuclear, fossil fuel and hydro power production assets, and its venture capital portfolio includes wind turbine installer United Wind, peer-to-peer energy trading platform Conjoule and virtual power plant developer Moixa.
Tepco Ventures will operate as an internal incubator while also setting up companies as joint ventures in partnership with other parties, both local and international. It will replace New Business Task Force, Tokyo Electric’s existing corporate venturing unit.
The newly formed vehicle will focus on technologies related to a ‘Utility 3.0’ model, such as distributed energy and energy infrastructure that goes beyond electricity, as well as advanced batteries, drone technologies and location services based on internet-of-things technology.
The corporate said in a statement: “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.”