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Gore Street Capital Successfully Completes Fundraising Round for Japan’s Inaugural Energy Storage Fund, in Partnership with the ITOCHU Corporation

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LONDON, Sept. 30, 2024 /PRNewswire/ — Gore Street Capital (“Gore Street”) is pleased to announce that it has successfully completed a fundraising round for Japan’s first fund dedicated to grid-scale energy storage systems, “Tokyo Energy Storage Investment Limited Partnership”, hereinafter referred to as “the Fund”, in partnership with the ITOCHU Corporation (“ITOCHU”).

The two firms were selected as the managers of the Tokyo Metropolitan Government’s (TMG) energy creation and energy storage promotion fund following a competitive process held in 2023. Gore Street and ITOCHU subsequently established a joint venture company as a general partner of the fund in February 2024. Gore Street has also established a wholly owned subsidiary, Gore Street Japan Limited, to support the general partner’s investment activities.

The Fund will primarily focus on the Kanto region, home to approximately a third of Japan’s population.  This is Japan’s first specialised fund dedicated to the integrated development and operation of battery storage facilities, including those co-located with renewable energy projects. The Fund will invest in projects during development and subsequently construct and operate the assets.

In addition to the Tokyo Metropolitan Government and ITOCHU, which invested in the Fund in March 2024, Gore Street is pleased to announce the support of key investors, including The Bank of Yokohama, Ltd., Fuyo General Lease Co., Ltd., Honda Motor Co., Ltd., Japan Post Holdings Co., Ltd., Mitsubishi Estate Co., Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mori Trust Co., Ltd., Tokyo Century Corporation, and Tokyu Land Corporation. This process was supported by Nomura Securities Co., Ltd., acting as a financial advisor.

The business case for energy storage in Japan is currently centred around a 20-year fixed-price contract acquired through the long-term decarbonisation auction, presenting a low-risk model. However, the merchant business model in Japan has the potential to unlock significant upside and result in higher returns, making it an attractive opportunity. Gore Street has a strong track record in managing batteries that are primarily monetised on a merchant basis and has successfully achieved superior returns through participation in similar balancing services alongside wholesale trading since 2017 across the German, Great British, Irish, and US markets. In April 2024, Japan introduced new balancing services (Primary, Secondary-1, and Secondary-2), signalling a shift from a predominantly contracted revenue-based business model to one that could offer participants a higher risk-reward profile.

The Fund is, therefore, well positioned to deliver strong returns for investors by leveraging ITOCHU Corporation’s project pipeline and experience in the Japanese market, combined with Gore Street’s expertise in global energy storage investment, construction, and monetisation.

The Fund will accelerate the promotion of the “HTT (ⒽReduce, ⓉCreate, ⓉStore)” concept for electricity, which the Tokyo Metropolitan Government is striving for and support the realisation of Zero Emission Tokyo while contributing to Japan’s decarbonisation efforts.

Suminori Arima, Chief Investment Officer at Gore Street Capital, commented:

“We are pleased to announce the completion of this fundraising round for Japan’s first dedicated energy storage fund, which has received support from private and public investors. We are highly experienced in entering new markets as a first mover to help establish energy storage as a crucial technology of the energy transition. The market conditions in Japan are poised to offer significant opportunities for battery assets. Through this collaboration with ITOCHU, we are excited to build on our experience and help shape the future of the Japanese energy storage sector.”

Notes to Editors 

About Gore Street Capital

Gore Street Capital was formed in 2015 as a global platform to acquire and manage renewable energy solutions. As an experienced renewable energy, infrastructure, and private equity investment manager, it supports robust businesses and high-performing assets that contribute towards the transition to a low-carbon economy.   

Gore Street Capital comprises a diverse team of 55+ energy professionals in GB, Ireland, the US and Japan working across finance, construction, engineering, legal and more to support the construction and operation of energy storage systems around the world. It currently manages an energy storage portfolio of almost 1.24 GW spread across five uncorrelated energy markets, supported by a global supply chain.

Logo – https://mma.prnewswire.com/media/2291703/4933164/Gore_Street_Capital_Logo.jpg

For more information, please contact:
Gore Street Capital Limited
Alex O’Cinneide / Paula Travesso / Ben Paulden
Email: ir@gorestreetcap.com
Tel: +44 (0) 20 3826 0290

 

View original content:https://www.prnewswire.co.uk/news-releases/gore-street-capital-successfully-completes-fundraising-round-for-japans-inaugural-energy-storage-fund-in-partnership-with-the-itochu-corporation-302262138.html

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CompTIA Spark introduces free high-quality technology curriculum for middle grade classrooms

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On World Teachers’ Day, the nonprofit organization highlights the importance of middle school teachers, empowers them to teach technology skills

DOWNERS GROVE, Ill., Oct. 5, 2024 /PRNewswire/ — Responding to a critical gap in technology education, CompTIA Spark has launched free technology curriculum specifically for middle grade classrooms, grades 5-8. It aims to support teachers so that they can teach the critical skills students need to succeed in whatever path they choose. The nonprofit organization worked with educators across the country to develop the curriculum.

“Getting this free resource into the hands of middle school teachers can help close the gap in technology education.”

“World Teachers’ Day celebrates how important teachers are,” says Randi Parker, chief of staff and vice president of CompTIA Spark. “And we know that middle school teachers in particular play such an important role in a student’s journey which is why they are the key to bringing technology education to more schools. We could not have developed this curriculum without them, and we can’t reach students without them.”

For about the past year, school districts as well as individual teachers have been implementing the CompTIA Spark curriculum in middle grade classrooms and providing feedback that allowed for a testing and development period prior to the full-scale launch. The schools that participated in this phase ranged from award-winning STEM schools to less-resourced ones, with all types of schools reporting the curriculum was a success and that students were engaged and excited to learn.

Getting students excited about technology and growing their confidence with hands-on learning is critical at the middle school level. Without access to quality technology education, students fall behind before they reach high school which means they do not have the digital fluency needed to succeed in school and in life. Filling this critical gap is the mission of CompTIA Spark.

With the new free curriculum, teachers can guide middle grade students through engaging project-based lessons that build capability using common applications and 21st century skills. Students gain a solid foundation in key technology concepts to prepare them for future opportunities — in high school and beyond.

Delivered through an online learning platform, the curriculum sparks interest in technology and how it is used in a wide variety of careers. For example, the Tech Exploration units have interactive lessons that show how tech skills are used in roles like product design, market research, accounting, marketing and more. Meanwhile, the Emerging Tech units focus on artificial intelligence (AI), cybersecurity, and smart home technology. Full access to the curriculum is available to middle grade educators absolutely free — to empower more teachers to teach the subject, even if they have not taught it previously.

A recent special report from Education Week highlighted how schools have been “struggling to recruit and retain math and science teachers for decades,” let alone educators who can teach technology subjects. The report also stressed the fact that current teachers need to be given opportunities to be able to teach new subjects related to emerging fields and technologies — with this being a solution to tackling the shortage.

“Because of the way the curriculum is intentionally designed, we are able to take the burden off the teacher by providing high-quality technology curriculum that middle grade teachers can use in their classroom regardless of their past experience with the subject,” says Parker. “Getting this free resource into the hands of teachers can help close the gap in technology education that currently exists at the middle school level. CompTIA Spark curriculum is free, and always will be free, because it is a gift from the tech industry to future generations.”

Districts, schools and individual teachers are invited to explore the curriculum and get started at comptiaspark.org.

About CompTIA Spark

CompTIA Spark develops free high-quality technology curriculum for middle grade classrooms to close a critical gap in technology education that exists before high school. This work improves student outcomes and success, and helps ensure a diverse talent pipeline for the technology workforce. CompTIA Spark is an independent 501(c)(3) nonprofit organization that operates as the charitable arm of the Computing Technology Industry Association (CompTIA), a leading voice and advocate for the global information technology ecosystem and a trusted provider of technical training and IT certifications. Learn more at comptiaspark.org.

MEDIA CONTACTS:
Laura Perillo and/or Cristina De Guia
news@comptiaspark.org

View original content to download multimedia:https://www.prnewswire.com/news-releases/comptia-spark-introduces-free-high-quality-technology-curriculum-for-middle-grade-classrooms-302268032.html

SOURCE CompTIA Spark

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SAUNEX Partners with Saudi SIIVC in Strategic EV Initiative

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The partnership will concentrate on the development and manufacturing of electric vehicles, enhancing industry capabilities

BANGKOK, Oct. 5, 2024 /PRNewswire/ — UNEX of the Netherlands, a global leader in the research and development of electric vehicles (EVs), and Siam Racing Automobiles (SRA) of Thailand, a world-class automotive design and engineering firm, have announced that their joint venture, SAUNEX, has entered into a strategic cooperation agreement with Saudi Arabia International Industrial Village (SIIVC). The alliance will establish a production facility for EVs in Saudi Arabia, aiming to extend their market reach across the Middle East, North Africa, and Southern Europe.

Chatchaval Jiaravanon, a member of the family that controls CP Group, addressed the audience at the signing ceremony. He highlighted the importance of automotive manufacturing as a benchmark of a nation’s industrial capabilities. Reflecting on CP Group’s past collaboration with China’s SAIC to set up a production facility for MG sports cars in Thailand, he noted that the success of automotive ventures relies critically on exemplary technology and leadership. The partnership between SAUNEX and SIIVC is aligned with Saudi Arabia’s Vision 2030 strategic initiative, emphasizing sustainable collaboration in the development, production, and marketing of EVs. The goal is to drive significant progress in Saudi Arabia’s EV sector and position SAUNEX as a beacon of successful international cooperation between Thailand and Saudi Arabia.

Mr. Jiaravanon also remarked that SAUNEX stands at the forefront of electric vehicle R&D, particularly in the application of battery swapping technology and the fields of automotive design and engineering. Their leading model, the Manto, is a luxury electric SUV that utilizes UNEX’s battery swapping technology, enhanced by SRA’s sophisticated design and engineering. It significantly outperforms competitors, offering a superior choice for future EVs free from the usual range limitations.

Top management executives from UNEX at the ceremony pointed out that under the leadership of Dr. Faisal Abdullah, CEO of SIIVC, the project aims to develop cutting-edge automotive production and battery swapping facilities in Saudi Arabia, manufacturing a full line-up of vehicle models including sedans, SUVs, and vans. The partnership also includes collaboration with CP Group and automotive supply chains in Thailand and China, aiming to create a sustainable and advanced industrial ecosystem that sets a global standard for the electric vehicle industry.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/saunex-partners-with-saudi-siivc-in-strategic-ev-initiative-302268179.html

SOURCE UNEX

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Israel Banned from UAE BioTech Symposium

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Israeli BioTech companies will not be permitted at the quarterly event with Roadshows throughout the Arab Gulf States, including the United Arab Emirates, Kuwait, Qatar, Oman, Bahrain and Saudi Arabia

In parallel, UAE BioTech Symposium has been dedicated to the memory of The Rockefeller University Nobel Laureate Professor Dr. Günter Blobel, MD. PhD., Founder of The Friends of Dresden.

ABU DHABI, UAE, Oct. 5, 2024 /PRNewswire/ — “The board of AmCham Abu Dhabi mandated that Chinese and Russian companies are not allowed. As Founding Chairman of AmCham Abu Dhabi BioTech Committee & Chairman of UAE BioTech Symposium, I mandate that Israeli companies are not allowed, says Dr. Kambiz Shekdar, PhD.

Dr. Shekdar is Owner and Chairman of the quarterly UAE BioTech Symposium launching Nove 2-6, 2024 in Abu Dhabi and Dubai, UAE. Registration for UAE BioTech Symposium is hosted at AmCham Abu Dhabi. The detailed program is available at https://www.uaebiotechsymposium.com.

“I spent 8 years in the lab with Günter as my mentor. He would often talk about how his family was packed in a car, passing through Dresden escaping Nazi Germany when the fire bombing happened. I remember each time he remembered how he could read the pages of the newspaper by the light of the fire kilometers away. He donated his prize money to all three religions because he understood that peace is the fundament for achieving our human potential,” add Shekdar.

“I saw the firebombing destruction of Dresden from very near,” Blobel told The Times of Israel upon Dr. Blobel’s passing on February 18, 2018, “only a few kilometers away; for an 8 1/2-year-old, this was all very impressive. The bombing was so bright that you could read the newspaper by the red sky.”

Complete information about UAE BioTech Symposium is available at the Chairman’s personal portal at this link: https://linktr.ee/kambizshekdar

About UAE BioTech Symposium Chairman Dr. Kambiz Shekdar, PhD
From invention at The Rockefeller University to IPO at New York Stock Exchange to scale-up drug discovery for jointly owned Made-in-Abu-Dhabi IP in the U.A.E., Dr. Kambiz Shekdar is the first U.S. Biotech Abu Dhabi Golden Visa Inventor transitioning to the U.A.E.

Dr. Shekdar, PhD invented Chromovert® Technology while he was a graduate doctoral student in the laboratory of his mentor, the late Nobel laureate & King Faisal Prize winner Dr. Günter Blobel, MD, PhD. at The Rockefeller University in New York City. For more than 20 years, Dr. Shekdar has been pursuing applications of the same platform technology, now including pursuing the creation of a joint venture with Emirati stakeholders to implement the by-now validated research engine as part of a national-level public-private partnership for drug discovery at scale in the U.A.E. Dr. Shekdar is also a member of the Abu Dhabi, UAE chapter of American Chambers of Commerce where he is Founding Chairman of the AmCham Abu Dhabi BioTech Committee.

https://www.linkedin.com/in/kambiz-shekdar-51a52a34/

About UAE BioTech Symposium
UAE BioTech Symposium in partnership with the AmCham Abu Dhabi BioTech Committee and Masdar City will host quarterly panel discussions and lab tours in Abu Dhabi, Dubai and roadshow destinations throughout the GCC and Middle East. The events are free with attendance limited to prioritize U.S. and international BioTech owners and executives. Program details will be posted online in Arabic and in English as registration for each event goes live via the AmCham Abu Dhabi website.

Arabic site for scientific program: http://www.uaebiotechsymposium.ae
English site for scientific program: https://www.uaebiotechsymposium.com

About AmCham BioTech Committee
The AmCham BioTech Committee was formed to establish a BioTech sector in Abu Dhabi with a focus on promoting opportunities for U.S. BioTech companies with a vision to be a thought leader and facilitator for U.S. corporate interests in the emerging BioTech sector in Abu Dhabi and throughout the Middle East. Since its founding, the BioTech committee has seen a notable uptick in interest from U.S.-based companies seeking to broaden their service offerings within the region. AmCham BioTech Committee founding members include Seconcell Bio, Intelligenix Advanced Diagnostics, Extend Biosciences, Halia Therapeutics and Jones Lang LaSalle Inc (JLL).
https://amchamabudhabi.org/biotech/

CONTACT: Kambiz Shekdar, +971585820175

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/israel-banned-from-uae-biotech-symposium-302268169.html

SOURCE Secondcell Bio, LLC; UAE BioTech Symposium

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