What erex does

Erex Co., Ltd. (イーレックス株式会社) is a Tokyo-headquartered, Tokyo Stock Exchange-listed (9517.T) renewable energy operator founded in 1999 that runs a vertically integrated biomass-centric value chain spanning biomass fuel procurement, biomass power generation, electricity trading, and retail electricity supply. Its generation fleet comprises 418MW of domestic biomass plants (Buzen, Ofunatsu, Nakagusuku, Saiki and others) fueled by Palm Kernel Shell (PKS) and wood pellets, with international expansion into Vietnam (Hau Giang operational April 2025; Yen Bai and Tuyen Quang under development) and Cambodia (50MW biomass project approved under JCM subsidy targeting 2027). The company handles approximately 1.6 million tonnes of biomass fuel annually through its Singapore procurement hub and applies sustainability certifications (GGL, FSC, PEFC) to its supply chain.

Erex monetizes this asset base through six streams: retail electricity sales via two group companies (Evergreen Marketing for high-voltage enterprise customers and Evergreen Retailing for low-voltage residential/SMB customers) offering CO2-free menus, virtual and off-site corporate PPAs, power trading across Japanese wholesale/demand-adjustment/capacity markets, third-party biomass fuel sales, carbon credit generation via JCM, and an emerging grid-scale battery storage business operated through a 50/50 JV with Samsung C&T Japan. Customers span enterprise (Nidec, ELK Homes, City Light, Kawasaki Tsurumi Rinkai Bus), transport (JR East via virtual PPA), government (National Defense Medical School), and Southeast Asian utilities and industrial off-takers. Strategic shareholders JFE Engineering (7.38%, EPC partner) and JR East (4.90%, railway decarbonization anchor) provide both capital and demand pull, while a pending acquisition of EneTrade Inc. signals further retail consolidation.

Name

erex

Legal name

イーレックス株式会社 (Erex Co., Ltd.)

Website

https://erex.co.jp

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Erex (イーレックス) is a Tokyo-listed renewable energy operator (9517.T) running 418MW of domestic biomass generation plus Vietnam and Cambodia projects, retailing electricity to enterprise and residential customers and trading power across Japanese markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Power Retail Sales: Retail electricity sales to residential, commercial, and industrial customers through group companies EGM (high-voltage) and EGR (low-voltage). Revenue from electricity supply contracts with recurring billing based on consumption.
2. Power Generation: Revenue from biomass power generation at 5 domestic plants ( Buzen, Nakagusuku, Saiki, and others) with combined capacity of 418MW, plus overseas plants in Vietnam and Cambodia.
3. Biomass Fuel Sales: Procurement and sale of biomass fuels including PKS and wood pellets, supplying both internal power plants and external customers domestically and internationally.
4. Power Trading: Trading electricity in wholesale markets, demand adjustment markets, and capacity markets using 20+ years of trading expertise. Balances supply and demand across power grid regions.
5. Carbon Credits: Generation and sale of carbon credits from biomass power projects and co-firing operations in Vietnam and Cambodia, utilizing JCM (Joint Crediting Mechanism) and GX-ETS markets.
6. Aggregation Services: Revenue from aggregator services managing battery storage and renewable energy resources, participating in capacity markets and demand adjustment markets.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Erex is a vertically integrated renewable energy company that procures and sells biomass fuels (PKS, wood pellets), operates biomass power plants with combined domestic capacity of 418MW, trades electricity in wholesale markets, and retails electricity to enterprise and residential customers through subsidiaries Evergreen Marketing and Evergreen Retailing. It also provides grid-scale battery storage aggregation services and carbon credits, with international expansion into Vietnam and Cambodia.

Product overview

Erex operates as an integrated renewable energy company with five core business segments: biomass fuel procurement and sales (handling approximately 1.6 million tons annually), biomass power generation (418MW across domestic plants), power trading, retail electricity sales, and overseas operations. The company offers aggregation services for grid battery storage projects and carbon credit trading. Their customer-facing electricity retail brands include Evergreen Marketing (high-voltage commercial) and Evergreen Retailing (low-voltage residential), offering CO2-free plans, market-linked pricing, and lifestyle fixed-rate plans. Recent growth areas include grid-scale battery storage systems (3 projects), Vietnam and Cambodia biomass power development, and coal-to-biomass co-firing conversion technology.

Differentiator

Problem solved

Functional benefit

Brands

• Erex: Parent company brand for renewable energy business including power generation, fuel, trading, and retail electricity services
• Evergreen Marketing (エバーグリーン・マーケティング)
• Evergreen Retailing (エバーグリーン・リテイリング)
• CO2 Free Plan (CO2フリープラン)

Products and services

• Biomass Power Generation
• Biomass Fuel Sales
• Power Retail (Retail Electricity)
• Power Trading
• Grid-Scale Battery Storage
• Aggregation Services
• Carbon Credit Business
• Biomass Co-firing Service
• Vietnam Biomass Power Plants
• Cambodia Biomass Power Project (50MW)
• CO2-Free Electric Plan
• Off-site Corporate PPA

Quantifiable outcome

• CO2 reduction of approximately 270,200 t-CO2/year for Nakagusuku plant (49MW)
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, minor and major.

• Samsung C&T CorporationcoreStrategic or Co-development Partner · 30 July 2026Joint venture formation for large-scale power storage projects in Japan. Samsung C&T and Erex collaborating on BESS (battery energy storage system) development through joint venture company to target grid-scale battery storage market in Japan.
• Cambodia Ministry of Mines and EnergycoreStrategic or Co-development Partner · 15 July 2026Government partnership for 50MW biomass power project in Compong Speu province under JCM (Joint Crediting Mechanism) equipment subsidy program.
• Enetrade Inc. (エネトレード)minorStrategic or Co-development Partner · 19 January 2026Advanced negotiations for Erex to acquire Enetrade, which is struggling with unprofitable deals. Deal expected to finalize by March 2026.
• Samsung C&T Japan (サムスンC&Tジャパン)coreStrategic or Co-development Partner · 4 November 2025Joint development of large-scale power storage projects in Japan. 50-50 joint venture company for BESS project development nationwide. Erex providing aggregation capabilities, Samsung providing procurement and financial expertise.
• Green Energy & Company (株式会社グリーンエナジー＆カンパニー)coreTechnology or Integration · 4 September 2025Contractor for BESS project development. 100% subsidiary Green Energy Plus handles engineering, procurement, and construction of grid-scale battery storage systems (2MW/8MWh) in Japan.
• PECC2 (Power Engineering Consulting Joint Stock Company 2)coreStrategic or Co-development Partner · 4 September 2025Vietnam EVN subsidiary handling EPC (engineering, procurement, construction) for biomass power plants. Contracted for Yen Bai (50MW) and Tuyen Quang (50MW) biomass power plants construction.
• Todaka Construction (戸田建設)majorStrategic or Co-development Partner · 4 September 2025Business alliance for overseas power generation and fuel development projects. Collaboration in civil engineering construction and international project development.
• Toho Gas (東邦ガス)minorStrategic or Co-development Partner · 22 August 2025MOU for joint feasibility study on green steam supply business in Vietnam with Phuc Sang Minh (PSE). Exploring biomass-based steam supply for industrial customers.
• Global Engineering (グローバルエンジニアリング)majorStrategic or Co-development Partner · 1 July 2025Capital and business alliance for aggregation and retail business collaboration. Erex holding shares in Global Engineering; partnership covers demand forecasting, battery storage, CPPA services, and Okinawa area cooperation.
• Vinacomin Power Holdings (ビナコミンパワーホールディングス)coreStrategic or Co-development Partner · 1 April 2025Joint biomass co-firing trials at Vinacomin-operated coal power plants (Na Duong 30MW, Cao Ngan 57.5MWx2, Nong Son 30MW). MOU signed April 2025 for commercial co-firing operations targeting 6 plants with 1,585MW combined capacity. Achieved 30% co-firing rate at Cao Ngan plant.
• JFE Engineering Corporation (JFEエンジニアリング)coreStrategic or Co-development Partner · 10 May 2024Capital and business alliance. JFE Engineering acquired 7.38% stake (4,391,400 shares, ¥3.5 billion). Strategic partnership for biomass power plant EPC and overseas project development.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• ENEOS Holdings, Inc. Japan's largest energy conglomerate with petroleum refining, retail fuels, and growing renewables; comparable in downstream fuel/customer reach and in transitioning to low-carbon energy, but at far larger scale.
• Osaka Gas Co., Ltd. Japanese utility with growing renewable energy portfolio and retail electricity business; competes with Erex in the Kansai enterprise and residential retail market and in decarbonization solutions.
• INPEX Corporation: Major Japanese energy company pursuing renewable energy expansion alongside its core fossil fuel operations; comparable as a large incumbent transitioning into biomass, hydrogen, and overseas power generation.
• Tokyo Gas Co., Ltd. Large Japanese utility expanding aggressively into renewable power generation and retail electricity; comparable as a competitor in the same retail/CO2-free customer market, with stronger balance sheet and customer base.
• JERA Co., Inc. Japan's largest power generation company (TEPCO-Chubu JV) and a broad incumbent overlapping with Erex in power generation, fuel procurement, and trading, but with vastly larger scale and a fossil-heavy mix Erex is trying to displace.
• Electric Power Development Co., Ltd. (J-POWER): Major Japanese wholesale electricity generator with thermal, renewable, and transmission operations; comparable in biomass/renewable generation ambition and in supplying large industrial customers, but with a much larger incumbent asset base.

Emerging players

• Shizen Energy Inc. Independent Japanese renewable energy IPP with solar, wind, and biomass projects; comparable as a niche, fast-growing renewable competitor targeting corporate PPAs and CO2-free supply.

Regional players

• Saibu Gas Co., Ltd. Regional gas utility serving Kyushu with growing renewable power initiatives; partially comparable in retail electricity and biomass strategy in the same geography where Erex operates the Saiki and Buzen plants.
• Toho Gas Co., Ltd. Regional gas utility in Chubu region already a strategic MOU partner of Erex for Vietnamese green-steam business; comparable in adjacent decarbonization initiatives and retail energy offerings.

Direct peers

• RENOVA, Inc. Japanese independent power producer (TSE: 9519) focused on renewable energy including biomass, solar, and wind — directly comparable in business model, customer segments (industrial CO2-free demand), and growth strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/erex_pr
• YouTubeyoutube.com/channel/UCk5J2G7bS3mD3J4KpZ8vW4g
• Facebookfacebook.com/erex.co.ltd
• LinkedInlinkedin.com/company/erex-co-ltd
• Instagraminstagram.com/erex_official

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about erex