Toyota Tsusho Corporation will purchase an 85% stake in SB Energy from SoftBank Group Corporation. With 85% of the stock, Toyota Tsusho will become the parent company of SB Energy, and SBG will become an affiliate with 15% of the stock.
Since establishing SB Energy in October 2011, SoftBank Group has built and operated a total of 773 MW in Japan (as of January 2023), including 667.1 MW of solar power and 55.9 MW of wind power, as well as abroad, including 50 MW of wind power in the Gobi Desert, Mongolia.
Carbon Neutrality Efforts
Through SB Energy Global, the SoftBank Group generates renewable electricity in the United States and invests in renewable energy technology with its funds. Ichiro Kashitani, President & CEO of Toyota Tsusho, said: "SB Energy's expertise in advanced efforts will give us the opportunity to further promote our carbon neutrality efforts in an unmatched way."
SoftBank had previously stated that its Vision Fund had a 730.36 trillion yen ($5.52 billion) investment loss for the three months ending in December. According to SoftBank, the Vision Fund unit had significantly reduced new investments and was still selling some older ones as part of careful defensive financial management in light of the difficult market conditions.
The investment loss suffered by Vision Fund during the three months of October to December decreased from the prior quarter's loss of 1.38 trillion yen to 730 billion yen.
In order to achieve carbon neutrality, Toyota Tsusho and SBG will investigate cooperating efforts among the companies that make up their group in the renewable energy sector.
Eurus Energy's Renewable Energy
The largest wind power producer in Japan and a subsidiary of Toyota Tsusho, Eurus Energy Holdings Corporation, has been actively growing its renewable energy businesses in Japan and abroad.
As of December 2022, Eurus Energy owned approximately 3,701 MW of renewable energy generation capacity, including 350 MW of solar power and 3,055 MW of wind power. Eurus Energy is currently engaged in new ventures that capitalize on its existing renewable energy businesses, such as energy management projects and virtual power plant demonstration projects.
The Toyota Tsusho Group declared its intention to become carbon neutral by the year 2050 and to cut greenhouse gas (GHG) emissions by 50% from their level in 2019 by 2030. It released its Carbon Neutral Roadmap 2030 in November 2021 as part of its expansion of businesses that aid in GHG reduction throughout the industrial life cycle.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
