Ray8 Energy is pleased to announce that ICG, through its Asia-Pacific Infrastructure strategy, has become the company’s majority shareholder, marking an important milestone as Ray8 Energy enters its next phase of platform-scale growth in Japan’s battery energy storage system market.
As renewable energy penetration continues to increase in Japan, the need for battery storage solutions to support grid stability, reliability, and system flexibility has become increasingly critical.
Ray8 Energy has built an integrated platform spanning development, investment, and long-term ownership and operation of grid-scale battery energy storage system (“BESS”) projects, supported by a robust pipeline of projects under active development across Japan.
By partnering with ICG, Ray8 Energy aims to capitalize on the rapidly growing BESS market through internally originated greenfield development, complemented by selective acquisitions of high-quality greenfield and brownfield projects.
Backed by ICG’s long-term capital commitment, Ray8 Energy intends to deploy equity capital of approximately JPY 50 billion to support the development and ownership of grid-scale BESS projects in Japan, with a growth target of more than 1,000 MW of installed BESS capacity over the next five years.
As Japan’s power market continues to evolve, Ray8 Energy maintains a clear focus on disciplined execution and long-term value creation, delivering scalable and durable outcomes in support of the country’s energy transition.
Since its founding, Ray8 Energy has been supported by Green Tower and Green Giraffe Advisory Japan.
Green Tower co-founded Ray8 Energy with Tomohide Den and supported its growth by providing early-stage institutional capital for operations and project development, together with strategic support. Green Giraffe Advisory Japan has acted as the company’s financial advisor since inception, providing hands-on development and fundraising support. Ray8 Energy is deeply grateful for the long-term support and trust of Green Tower and Green Giraffe Advisory, which have been instrumental in building the platform to date.
As the company enters its next phase of growth, with ownership transitioning from Green Tower to a new partnership with ICG, Ray8 Energy looks forward to scaling on the strong foundation established with its partners.
Tomohide Den, Founder and CEO of Ray8 Energy, said:
“The partnership with ICG presents an exciting opportunity for Ray8 Energy to further scale in Japan’s rapidly growing BESS market. With a shared vision and aligned objectives, we believe ICG is an ideal partner as we enter our next phase of growth and continue contributing to Japan’s energy transition.”
Devarshi Das, Head of ICG Asia-Pacific Infrastructure, said:
“We are delighted to partner with Ray8 Energy’s founder and management team to support the company’s growth into a leading battery storage development and investment platform in Japan. With strong demand fundamentals and an experienced team, Ray8 Energy is well positioned to capture attractive growth opportunities.”
Ray8 Energy is a specialized clean energy platform focused on the development, investment, and operation of battery energy storage systems across Japan. Founded by Tomohide Den, the company combines deep local expertise with disciplined execution and global insights to support Japan’s energy transition while delivering long-term value at scale.
ICG (LSE: ICG) is a leading global alternative asset manager with $127bn* in AUM and more than three decades of experience, providing flexible capital solutions across the capital structure. With a long-term investment approach, ICG partners with businesses to support sustainable growth and value creation, including through its Asia-Pacific Infrastructure strategy’s investments in renewable energy platforms across the region.
*As at 31 December 2025
Green Tower is a global investment platform dedicated to co-founding and co-developing early-stage development platforms and corporate initiatives in the renewable energy and energy transition sectors. We partner with visionary entrepreneurs, providing capital and strategic support to seed and help scale high‑impact energy transition businesses. With a focus on meaningful, long‑term value creation, Green Tower supports the entrepreneurs driving the future of sustainable energy.