Nidec to Expand Energy Business, Invests in ESS Operator

Nidec Corporation has completed an investment of 15.8 million GBP in Gore Street Energy Storage Fund PLC (GSF), an investment trust fund that operates an energy storage system business, through its subsidiary, Nidec Motor Corporation. GSF is an existing customer of Nidec.

Purpose of Investment

By forming a strategic partnership in the rapidly growing energy storage system market with GSF, Nidec shall be guaranteed participation in the bidding process for GSF’s future battery energy storage systems (BESS). Specifically, this pipeline will include 360MW of projects which GSF has already announced over the next five years.

Generally, Nidec has a significant presence in the European BESS market with 2,725MW installed as of the first half of fiscal year 2023. More importantly, it is planning to expand its business outside of Europe. GSF is also strengthening its portfolio, targeting markets around the world outside of its current Europe-oriented portfolio. Thus, this aligns with Nidec’s strategy.

Nidec installed Battery Energy Storage System

Effect on Financial Performance

The transaction is expected to have no significant impact on the Company’s consolidated financial performance for this fiscal year ending March 31, 2024. If necessary, the Company will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.