Singapore, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Singapore and Tokyo, August 19, 2024 – noco-noco Pte Ltd ("noco-noco"), a wholly owned subsidiary of Nasdaq-listed noco-noco Inc. (Nasdaq: NCNC), has signed a Memorandum of Understanding (MOU) with Japan headquartered 3DOM Alliance Inc. (hereinafter "3DOM") and Tesnology Inc. (hereinafter "Tesnology") to acquire a non-exclusive license for battery securitization systems and intellectual property (IP) developed by 3DOM and Tesnology. This agreement is a significant milestone in noco-noco’s efforts to establish battery as a societal infrastructure across Asia Pacific.
Japan is an island country with relatively little interconnection to neighboring countries. This means it needs to balance and manage power volatility within its own grid networks, and battery energy storage is a key technology to enable this through the storing of electricity during periods of low demand and tapping the stored energy during peak periods to shave peak loads. Japan's commitment to renewable energy and carbon neutrality has set the stage for the rapid development of the battery energy storage system (BESS) market in Japan. Underpinning this growth is the result of the Japan government goal to increase the share of renewables in the electricity generation mix to 36% to 38% by 2030 and achieve carbon neutrality by 2050. This presents significant revenue arbitrage opportunities against fossil fuels like LNG, coal, and oil, which currently dominate Japan's power generation.
3DOM and Tesnology possess the intellectual property (IP) relating to securitization and security trading of batteries in Japan and are currently developing specialized system platforms to monetize the energy storage assets throughout their lifetime; from production, asset securitization, commercialization all the way through to decommissioning and recycling. This new innovative “green financing model” is expected to significantly boost the growth of battery energy storage system (BESS) assets in Japan which remain at a relatively early stage currently, and is geared to meet the country's requirement of approximately 10GW of energy storage capacity by 2030.
noco-noco has been developing battery-related technologies, including the X-SEPA™ separator, with the aim of making high-performance batteries accessible as a social infrastructure that everyone can easily use. To realize this vision, a large number of long-life, environmentally friendly batteries must be introduced to the market. By integrating noco-noco’s battery that it develops with the technology and IPs on BESS securitization developed by 3DOM and Tesnology, the Company plans to create synergies that will drive rapid BESS market deployment across Asia Pacific. The initial target market will focus on establishing stationary batteries, where the demand/supply adjustment function of grid storage batteries is required to cope with the increasing number of unstable power sources within Japan.
Additionally, the Company also announced the signing of Memorandum of Understanding (MOU) with Singapore Headquartered B2G Energies Pte Ltd, to collaborate on the deployment, construction, and implementation of renewable energy projects including energy storage systems across Asia Pacific (ex Japan). B2G Energies is a leading renewable energy company in Singapore, specializing in Energy Storage Systems and Energy System Integration, dedicated to delivering sustainable and innovative solutions that reduce carbon emissions, being at the forefront of the transition to clean and green energy sources.
"We look forward to bringing this battery securitization technology to Asia Pacific, alongside with our partners at B2G Energies, to deploy the energy storage capacity needed to accelerate the region’s clean energy transition to a low-carbon and sustainable future,” commented Masataka Matsumura, CEO & Director noco-noco Inc.
Garry Tay, CEO & Director of B2G Energies, added, “We are excited to collaborate with noco-noco on this journey of transformational energy transition. There is great potential for deploying battery energy storage systems in Asia Pacific as we expect variable renewable generation to increase over 47% in the next 6 years. By leveraging our expertise in energy storage systems and energy system integration, we aim to deliver these solutions that will drive significant progress in the adoption of renewable energy across Asia Pacific.“
About noco-noco:
noco-noco Inc. (Nasdaq NCNC) is a technology solutions provider working to accelerate the global transformation to a decarbonized economy. Building its business on X-SEPA™ — the revolutionary battery separator technology developed in Japan and designed for long-lasting and high heat-resistant performance— noco-noco addresses the need for clean, affordable, and sustainable energy storage solutions.
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Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and information currently available to noco-noco. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of noco-noco, are also forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although noco-noco believes that it has a reasonable basis for each forward-looking statement contained in this communication, noco-noco cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. noco-noco cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the impact of the global pandemic like COVID-19, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties. There may be additional risks that noco-noco presently does not know or that noco-noco currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco and its respective directors, officers or employees or any other person that noco-noco will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco as of any date subsequent to the date of this communication.
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source: noco-noco Pte Ltd.
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