Japanese renewables retailer Trende secures USD 6.5m in Series A funding
Tokyo. Author: Bernhard Friess. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
Japanese online renewable energy retailer Trende Inc has closed a JPY-730-million (USD 6.5m/EUR 5.5m) Series A funding round, with TEPCO Ventures as a lead investor, Trende announced today.
Other strategic investments came from Showa Shell Sekiyu KK and Dubai Electricity and Water Authority (DEWA). The funding round will allow Trende to continue growing its technical team and to build upon the results it has achieved, the firm said in a statement.
A spin-out from Japanese utility Tokyo Electric Power Company Holdings Inc (TYO:9501), Trende offers flat rate plans through the Ashita Denki service, and also provides Hot Denki, which incentivises customers to become prosumers. The company installs, operates and maintains solar panels on rooftops and shares the cost savings with the homeowners. No upfront costs are incurred by the customers and at the end of the contract term the ownership of the solar panels is transferred to them.
Trende expects its services to step up the adoption of solar power in Japan and aims to leverage block chain technology to create a peer-to-peer (P2P) marketplace for renewable energy producers and consumers.