Aurora Energy Research Supports Economic Analysis of Four Grid-Scale Battery Storage Projects (Total 148MW) by Hexa Energy Services in Japan

Aurora Energy Research K.K. (Head office: Minato-ku, Tokyo; hereinafter “Aurora Energy Research”), a provider of research and consulting services, has supported the economic evaluation of project revenues for four grid-scale battery energy storage projects (combined grid connection capacity: 148MW) being developed in Japan by HEXA Energy Services LLC (Head office: Chiyoda-ku, Tokyo; hereinafter “HEXA Energy Services”).

This project consists of four cases by Honeycomb 1 LLC (Eniwa City, Hokkaido), Honeycomb 5 LLC (Iga City, Mie Prefecture), Honeycomb 6 LLC (Matsusaka City, Mie Prefecture), and Honeycomb 9 LLC (Shiraoi Town, Ishiyama, Hokkaido). Financing was executed on March 31, 2026, based on a project finance agreement concluded with major domestic financial institutions.

Furthermore, this battery storage project was adopted in the FY2023 “Long-Term Decarbonization Power Auction” and plays an important role in contributing to the stabilization of the power supply-demand balance as renewable energy adoption expands.

In this project, Aurora Energy Research conducted economic analysis, including cash flow analysis and optimal operation simulations for the four projects. The company has built detailed models for analyzing electricity markets in over 10 regions worldwide and, as a market advisor, supports the investment decision-making of a wide range of clients, including power companies, operating companies, and financial institutions. In Japan, a dedicated team provides research, consulting, and software services, focusing on themes such as long-term outlooks for the electricity market, economic analysis of renewable energy and battery storage, and forecasts for renewable energy output curtailment. Moving forward, the company will continue to contribute to the development of the battery storage business and Japan's electricity and energy market through quantitative analysis using its strong electricity market models.

■ About Aurora Energy Research

Established in 2013 by economists at the University of Oxford in the UK, Aurora Energy Research is a company specializing in power market analysis, now operating in 17 locations worldwide. Globally, over 1,000 energy market experts support the decision-making of a wide range of clients, including power companies, operating companies, financial institutions, and policy authorities, through the company's strong quantitative analysis. Since establishing its Japan office in 2023, it has provided market reports, consulting, and software services, focusing on themes such as long-term outlooks for the electricity market, economic analysis of renewable energy and battery storage, and forecasts for renewable energy output curtailment.

■ About HEXA Energy Services

HEXA Energy Services LLC was established with the mission to accelerate investment in Japan's energy infrastructure and achieve sustainable growth. As a member of the I Squared Capital Group, which operates infrastructure businesses in over 70 countries, it leverages global knowledge and extensive experience to provide optimal solutions for Japan's unique energy challenges. Particularly in the development of grid-scale battery storage projects, it aims to promote further adoption of renewable energy and achieve grid stabilization, contributing to Japan's energy self-sufficiency and the realization of a decarbonized society. The company values partnerships with local communities and is diligently working through technological innovation to leave rich and sustainable growth opportunities for future generations.