UK-based smart battery company Moixa has formed a strategic partnership with Japanese firm Itochu in an effort to expand its business into Japan.
Under the partnership, Moixa will market its GridShare home energy storage systems management platform in Japan.
The partnership will also see Itochu fund the British firm’s international expansion by investing £5m.
Itochu is set to install GridShare as standard on products by this summer.
The platform uses artificial intelligence to optimise the performance of battery systems based on their patterns of behaviour, weather conditions and market prices.
Itochu industrial chemicals department general manager Koji Hasegawa said: “Moixa has pioneered battery management, and we are proud to be investing and working together to target the rapidly growing energy storage market in Japan.
“Moixa’s GridShare will help our customers get more value for their home batteries and will offer solutions to help our partners manage Japan’s low-carbon transition.”
Through the deal, Moixa intends to tap the growing market for battery management services in the country.
Moixa and Itochu expect Japan to have more than 500,000 energy storage systems in 2020.
In addition to the investment from Itochu, the company has raised £500,000 from existing shareholders to help drive its international expansion strategy.
The company will focus on expanding its GridShare partnerships with Japanese utilities and electric vehicle manufacturers, in addition to marketing services to electricity networks.
Later this year, Moixa will also undertake trials in the US and Europe.
Moixa CEO Simon Daniel said: “GridShare optimises the performance of home batteries by learning patterns of household energy use and solar generation, and adjusting to local weather and energy price signals.
“It can also help customers make more money by using their spare battery capacity to provide services that help utilities and electricity networks balance supply and demand.”
The development comes after the company secured investment from Tokyo Electric Power Company (TEPCO), and reached an agreement with Hitachi to develop a smart energy grid in the Isles of Scilly.