INPEX CORPORATION, a large Japanese exploration and production (E&P) company, has announced it has made an investment in EneCoat Technologies, a Kyoto University-based startup company that develops next-generation perovskite solar cells. This is part of a series C round that totaled in 5.5 billion yen (around USD$35 million) and was led by Toyota’s growth fund, Woven Capital and and Mitsubishi HC Capital (in addition to INPEX). Existing investors Mirai Creation Fund III and Kyoto University Innovation Capital participated in the round, bringing the total funding raised to over 8 billion yen (over USD$50 million).
As perovskite solar cells use iodine compounds as raw materials, INPEX is well positioned to tap synergies in terms of raw material supply through its operations at the Naruto Gas Field in Chiba Prefecture, a water-soluble gas field where subsurface brine water is used to produce iodine following the extraction of natural gas.
Enecoat, in collaboration with Kyoto University, has established an advanced product development system and is working on developing high-performance products with the aim of commercialization. INPEX aims to expand its iodine supply chain to support Enecoat’s mass production of perovskite solar cells.
The new capital will be used to expand operations with a production facility, and continue to progress its PSC technology that can diversify solar supply chains, support a broad range of IoT devices and advance new mobility applications.
“We are dedicated to making perovskite solar cells the foremost source of power, guiding us towards carbon neutrality and enabling us to tackle enduring energy challenges head-on,” said Naoya Kato, CEO of EneCoat. “The funding will help us accelerate partnerships with leading Japanese corporations in order to meet the growing demand for next-gen solar technology that’s so critical to meet global decarbonization goals.”
“EneCoat is well-positioned to advance perovskite cell technology as the market alternative to silicon-based cells, which offers tremendous strategic value to Japan and practical benefits for a range of applications,” said Michiko Kato. “EneCoat’s commitment to transforming energy infrastructure, reducing reliance on traditional power sources, aligns with our vision for a sustainable future. We look forward to being a part of this transformative journey.”
