【Press Release】Challenergy Raises Record Largest Funding

DSC_5283.jpg April 26, 2019

Accelerate its R&D and business developments towards the commercialization by 2020

Challenergy Inc., the company which develops the next-generation wind turbine called 'Magnus Vertical Axis Wind Turbine (Magnus VAWT)', announced that it has raised approximately US $ 4,500,000, equivalent to JPY 500,000,000, in their 3rd times fund raising, from THK CO., LTD. (one of the existing shareholders), The Dai-Ichi Life Insurance Company, Limited., Kobashi Industries Co., Ltd. and SKY Perfect JSAT Corporation. (the new shareholders) in the end of March, 2019. The amount raised was the largest funding ever in the company history.

This fund will be allocated for the research and development of Magnus VAWT, the construction of its first demonstration unit in the Philippines during this year and the commercial scale production of the wind turbine by 2020.
This fund raising also aims to enhance our alliances with the shareholders. THK, the company which manufactures the main shaft of the turbine, will extend their corporation toward the whole process of manufacturing and its cost analysis.
The alliance with SKY Perfect JSAT, the one of the largest satellite operators in the Asia region, is aimed to expand the business opportunities in the disaster prevention and mitigation system which continuously provides the power and communication during calamities by the combination of the turbine and satellite antenna.
The fund raised from The Dai-Ichi Life Insurance Company, Limited.is considered as an ESG Investment aiming at not only the financial returns but also the social impacts of Challenergy's business. The company also considers to install the wind turbines in its own properties in the near future.

【Shareholders of this funding】
THK CO., LTD.
The Dai-Ichi Life Insurance Company, Limited.
Kobashi Industries Co., Ltd.
SKY Perfect JSAT Corporation

【Contact for more information】
E-mail: contact@challenergy.com

190426_Challenergy Press Release (English).pdf