Sojitz and Looop Inc Form Capital and Business Alliance for the Promotion of Sustainable Energy Business
Jun. 30, 2020
Sojitz Corporation (“Sojitz”) signed a business alliance agreement with Looop Inc (“Looop”), a firm whose main business is to develop, build and manage solar power generation systems and conduct electricity retail service. Along with the alliance, Sojitz made a capital investment to acquire shares in Looop*1.
Looop was established in April 2011, after the Great East Japan Earthquake to donate stand-alone solar power systems to affected areas. The company has developed and installed over 2,500 solar power generation systems and provided remote monitoring services for over 4,000 sites. With the full liberalization of the electricity retail market in April 2016, Looop penetrated the electricity retail business. Looop is steadily growing its electricity retail customers (approximately 220,000 contracts as of June 2020), with its customer-focused approach*2.
For Sojitz, investment in the renewable energy sector (mainly solar, wind and biomass) is one of the areas covered by its growth strategy. Through this business alliance, Sojitz will build a strong relationship with Looop as a strategic partner to provide unique value to a society with a decentralized energy supply. Sojitz is expanding its business in new markets through its global network.
As the global megatrends*3 continue to shape the new world of energy, Sojitz will take on the ongoing challenge of realizing a prosperous and sustainable global society in cooperation with excellent partners who share our values by developing sophisticated social infrastructure that balances economic growth with environmental impact.
＊１ This capital investment was executed through Sojitz’ corporate venture capital established in the United States in partnership with Pegasus Tech Ventures (Location: California, USA; Representative Partner & CEO: Anis Uzzaman) in January 2019.
＊２ Looop provides an industry-first “zero capacity charge with a single price for demand charge” while other major electricity providers charge a capacity charge. Looop also provides a demand response program that encourages changes in consumer behavior patterns.
＊３ The “5 Ds”: Depopulation, Decarbonization, Decentralization, Deregulation, Digitalization
Company Overview – Looop Inc
|Located||3-24-6 Ueno, Taito-ku, Tokyo
Ueno Frontier Tower, 22F (Reception on 15F)
|Representative Director||Soichiro Nakamura, CEO|
|Main Business||Electricity retail; various outsourcing services related to electricity retail; development, sales, installation, construction, management, and maintenance of solar power generation systems; installation and maintenance of solar power generation facilities for companies; internet sales of stand-alone solar power generation systems and related equipment; planning, development, and sales of products that make use of natural energy sources; insurance business (non-life insurance)|