On March 1, Tokyo Electric Power Company Holdings, Incorporated (TEPCO Holdings) executed a partnership agreement with Energy Impact Partners (EIP), a private equity firm investing in emerging companies with innovative technologies and progressive business models in the power and energy industry.
With respect to new trends in the global energy market, such as the expansion of renewable energy and storage, and the integration of electricity infrastructure with information technology, TEPCO Holdings has long been collaborating with global entrepreneurs to implement new services and to commercialize advanced capabilities. The investment in EIP reinforces that strategy.
EIP invests in emerging growth companies with innovative technologies and progressive business models focusing on decarbonization, transmission and distribution asset optimization, and digitalization in the power industry. By co-locating a TEPCO employee with EIP along with this investment, TEPCO's goal is to acquire technologies, know-how and entrepreneurial expertise from these companies and drive customer awareness in its workforce. In addition, TEPCO Holdings will collaborate with several leading utilities to remain abreast of global trends and best practices in power and energy, and develop innovative businesses in Japan, Asia and around the world.
TEPCO Holdings continues to accumulate new knowledge to prepare for rapid changes in the market, and welcomes the challenge of transforming the electricity business.