Astmax Co., Ltd. told the Tokyo Stock Exchange on July 17 that its board had approved selling the business rights tied to its grid-scale battery storage project in Komoro City, Nagano Prefecture, along with 5,286 square meters of adjoining land, to Hulic Co., Ltd. The contracts were signed the same day, and the transfer is due to close on July 24, 2026.
The buyer is not a stranger to Astmax. Hulic is the 100% parent of Hulic Property Solutions, Astmax's largest shareholder, and the two companies have run a capital and business tie-up since May 2025 covering shared information on power generation and storage projects and staff exchanges. Astmax's board already includes one outside director nominated by Hulic.
Astmax did not disclose a price for either the business rights or the land, saying only that the terms reflect market pricing and an independent property appraisal. It expects the deal to add about ¥650mn in operating profit in the second quarter of the fiscal year ending March 2027.
The underlying asset is sizeable: a 42-megawatt, 171-megawatt-hour lithium-ion storage facility, branded the Komoro Shigenoko Battery Storage Station, due to start operating in December 2027. Astmax says it plans to run the plant as its aggregator once it comes online, giving up ownership of the project while keeping a hand in dispatching its output to the grid.