ICG, the global alternative asset manager, announced that its Asia-Pacific Infrastructure team has acquired a majority stake in Ray8 Energy, a Japan-based developer, owner, and operator of battery energy storage system (BESS) projects.
Ray8 Energy operates across the full BESS project lifecycle, including strategic site selection leveraging its extensive nationwide network in Japan, securing permits and regulatory approvals, and evaluating technical requirements. The company also leads equity and debt capital raising for project special purpose vehicles (SPCs), and oversees ongoing asset monitoring and performance management in collaboration with third-party BESS operators.
The transaction marks ICG APAC Infra’s entry into Japan’s BESS market. Ray8 Energy plans to deploy approximately JPY 50 billion (~0.30 billion) in equity capital to support the development and ownership of grid-scale BESS projects in Japan, targeting more than 1,000 MW of installed BESS capacity over the next five years.
This investment represents ICG APAC Infra’s fourth renewables platform partnership in the region since 2023, following prior investments in Voltaiyo, Revent Energy, and Ampin Energy Transition.
“We are delighted to be partnering with Ray8’s founder and management team to support the Company in becoming a leading battery storage development and investment platform in Japan. With a highly experienced management team and strong demand for BESS, Ray8 is poised to secure attractive growth opportunities. We look forward to working collaboratively to execute on the Company’s existing pipeline and ambitious growth plan,” said Tomohide Den, Founder and CEO of Ray8 Energy.
According to Mercom’s 9M and Q3 2025 Funding and M&A for Energy Storage report, a total of 20 Energy Storage M&A transactions were announced in 9M 2025, up from 18 M&A transactions in 9M 2024.
In January, Fortescue, a green energy and metal mining company, announced the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions.
