Source: Media Outreach
3DOM SG to be primary supplier of batteries and energy storage solutions for all of G8’s renewable energy projects
G8 to receive up to US$10 million in funding from 3DOM at US$200m valuation
3DOM SG to issue new shares representing 8% of its enlarged issued share capital in exchange for new shares representing 24% of G8’s enlarged issued share capital
Both companies to jointly explore opportunities for renewable power generation and electric mobility solutions
YOKOHAMA, JAPAN and SINGAPORE – Media OutReach – 6 December 2021 – 3DOM Inc. and G8 Subsea Pte. Ltd. (“G8”) today announced they have entered into a transaction agreement (the “Agreement”) for business collaboration, investment, and a share swap. In the business collaboration, 3DOM’s wholly-owned subsidiary 3DOM (Singapore) Pte. Ltd. (“3DOM SG”) will become the primary supplier of batteries and energy storage solutions for all of G8’s wind, solar, and hydro power projects. G8 will benefit from reliable, long-lasting batteries that enable more efficient and economical energy storage for renewable energy projects.
3DOM will invest up to US$10 million in G8, representing an aggregate stake of up to 5% in the company, which has an implied total valuation of US$200 million. In the share swap, 3DOM SG will issue new shares representing 8% of its enlarged issued share c
In addition to the supply of batteries, 3DOM SG will provide technology and systems for the monitoring of battery conditions, and appropriate allocation of first-life and second-life batteries for projects. Meanwhile, 3DOM SG and G8 will jointly explore new opportunities for renewable power generation, including those related to thermal power production using biomass-derived pellets, as well as further development of wind, solar, and hydro power generation businesses.
3DOM SG and G8 will also jointly explore opportunities related to electric mobility, including the implementation of a total-zero-carbon-emission model for commercial transport businesses, in which electric vehicles are provided by lease/subscription and charged with renewable energy. The goal is to reuse these vehicle batteries in stationary energy storage applications, establishing a circular system of first-life and second-life use that takes advantage of 3DOM batteries’ longevity.
“There is great synergy between 3DOM and G8,” says 3DOM SG Representative Director & CEO Shusuke Oguro. “We are very pleased for the chance to supply our advanced lithium-ion batteries for G8’s renewable energy storage applications in Singapore and across Asia. Moreover, 3DOM and G8 share a closely aligned vision for the future, so we are excited to leverage each other’s strengths and explore new opportunities for more environmentally-friendly power generation and transportation, made uniquely possible by this partnership.”
“We are truly excited about this technological and business collaboration with 3DOM. It enables our Group to offer world-leading solutions for clean energy storage with 3DOM’s breakthrough battery technology. G8 is now able to integrate 3DOM’s battery and fuel cell systems to offer complete and long-lasting energy storage solutions for our commercial and utility clients.” says G8 Founder & Managing Director Gerald Tan.
– Published and distributed with permission of Media-Outreach.com.