ICG Asia-Pacific Infrastructure partners with Ray8 Energy to scale BESS in Japan

With initial backing from Green Tower, an early-stage investor focused on the energy transition, Ray8 was founded by Tomohide Den, a seasoned entrepreneur and developer with over a decade of experience in renewable energy development in Japan. Ray8’s management team combines expertise in development, engineering, commercialisation, and operation of grid scale BESS projects.

ICG will work closely with Den and Ray8’s management team to capitalise on fast-growing BESS market opportunities in Japan. Building on a diversified pipeline of projects already under active development, Ray8 seeks to grow through internally originated greenfield development and selective acquisition of greenfield and brownfield projects, leveraging the management team’s extensive network and execution track record across Japan.

Japan’s pursuit of its net zero by 2050 target underscores the critical need for energy storage solutions to support the growing penetration of renewable energy, while ensuring grid stability, reliability, and flexibility in an increasingly constrained power system. Against this policy backdrop, Ray8 is well positioned to achieve its aim of developing and owning over 1000 MW of BESS installed capacity within the next five years.

This transaction constitutes ICG APAC Infra’s fourth renewables platform partnership in the region since 2023, following prior investments in Voltaiyo, Revent Energy, and Ampin Energy Transition.

Devarshi Das, Head of ICG Asia-Pacific Infrastructure, commented: “We are delighted to be partnering with Ray8’s founder and management team to support the company in becoming a leading battery storage development and investment platform in Japan. With a highly experienced management team and strong demand for BESS, Ray8 is poised to secure attractive growth opportunities. We look forward to working collaboratively to execute on the company’s existing pipeline and ambitious growth plan.”

Tomohide Den, Founder and CEO of Ray8 Energy, added: “This partnership with ICG presents an exciting opportunity for Ray8 to further scale in Japan’s rapidly growing BESS market. With a shared vision and aligned objectives, we believe ICG is an ideal partner as we enter our next phase of growth. We look forward to collaborating closely with ICG to significantly scale the platform and contribute to Japan’s energy transition.”

Clifford Chance and Nishimura & Asahi served as legal counsel to ICG.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Winter 2025 issue

Don’t miss out on our final issue of Energy Global this year! The Winter issue begins with a regional report on Africa’s energy future, with articles on topics such as wind turbine components, geothermal drilling & operations and energy storage technology. With contributors including Magnomatics, Flyability, Bachmann electronic GmbH, NOV, and more, don’t miss out!

Read the article online at: https://www.energyglobal.com/energy-storage/23012026/icg-asia-pacific-infrastructure-partners-with-ray8-energy-to-scale-bess-in-japan/