What Hexa Energy Service does

Hexa Energy Services G.K. is a Tokyo-based, I Squared Capital-backed developer and operator of grid-scale battery energy storage systems (BESS) and distributed solar power projects in Japan, founded in April 2023. The company builds, finances, and operates utility-scale storage assets — anchored by the Tagawa BESS (23.97 MW / 130.39 MWh), Japan's first operational project under the government's Long-Term Decarbonization Power Source Auction (LTDA) framework — alongside a portfolio of more than 449 MWac / 1.8 GWh of BESS under development and over 100 MWdc of solar generation spanning Hokkaido to Kyushu. Its technology stack combines turnkey BESS systems supplied by Sungrow Japan with balance-of-plant EPC delivered by Shirokuma Electric Power, governed by a 24-hour remote supervision system for operational assets.

The company monetizes capacity through 20-year fixed-revenue LTDA contracts, supplemented by balancing and ancillary services for grid operators, and is extending into corporate virtual power purchase agreements (VPPAs) for environmental attribute sales, evidenced by a virtual PPA with Daicel Corporation via subsidiary HEXA Renewables Japan. Projects are funded via non-recourse project finance with MUFG Bank, Société Générale, and Sumitomo Mitsui Trust Bank. Go-to-market combines direct enterprise sales (Daicel, government auctions) with channel partnerships (PowerX for 10+ high-voltage BESS sites) and community engagement (Mitsubachi Fellowship ESG program in Akita Prefecture). Hexa serves two primary customer segments: power grid operators requiring balancing capacity for renewable integration, and corporate/industrial energy buyers procuring renewable attributes and carbon reduction. Its key assets and leadership team are protected by a portfolio of project entities (Honeycomb 1/5/6/8/9 G.K.), and the company has received the 2025 PFI "Battery Deal of the Year" and 2026 The Asset Triple A Sustainable Infrastructure Award for the Tagawa project.

Name

Hexa Energy Service

Legal name

Hexa Energy Services G.K.

Website

https://hexa-es.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Hexa Energy Services is a Tokyo-based, I Squared Capital-backed developer of grid-scale battery energy storage systems and solar projects in Japan, operating the country's first LTDA-contracted BESS and serving grid operators and corporate renewable energy buyers under 20-year capacity contracts.

Ownership category

akta.pro rank

Product category

Grid-Scale Battery Energy Storage and Renewable Energy Infrastructure

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)

akta.pro secondary industries

Energy Storage Asset Management (BESS/PCS/EMS) (EUAEAMAE), Energy Storage & Microgrid Electrical Infrastructure (BESS, Controls) (IMAFAHAE), Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH), Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ)

Keywords

• Grid-scale battery storage
• Renewable energy development
• Utility-scale solar power
• Virtual power purchase agreements
• Grid balancing services

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Capacity Market / LTDA Contracts: Revenue from 20-year fixed-revenue contracts awarded through Japan's Long-Term Decarbonization Power Source Auction (LTDA), providing stable capacity payments for grid-scale BESS projects.
2. Balancing and Ancillary Services: Revenue from providing balancing power to stabilize the grid, including frequency regulation and supply-demand balancing services, with fast-response BESS arbitrage opportunities.
3. Virtual PPA / Environmental Attributes: Revenue from supplying environmental attributes (renewable energy certificates, carbon offsets) to corporate customers through virtual power purchase agreements.
4. Solar Power Generation: Revenue from operational solar power plants across Japan, with over 100MWdc total installed capacity (operational and under development).
5. Project Finance: Development and financing of grid-scale BESS projects with project finance structures from banks and financial institutions.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

Hexa Energy Services develops, finances, owns, and operates grid-scale battery energy storage systems (BESS) and distributed solar power plants across Japan. The company secures long-term capacity revenues through Japan's LTDA framework and serves corporate customers with virtual PPAs for renewable energy procurement. It also provides 24-hour remote supervision and asset optimization services across its operational portfolio.

Product overview

Hexa Energy Service operates as a unified energy infrastructure platform offering two core product lines: (1) distributed solar power plants exceeding 100MW total capacity across Japan, and (2) grid-scale battery energy storage systems (BESS) providing over 449MWac and 1.8GWh of storage capacity. The company bundles these with value-added services including virtual PPAs for corporate renewable energy procurement, project financing structured around Japan's LTDA framework, and 24-hour remote supervision for operational assets. The Mitsubachi Fellowship ESG program complements the commercial offerings. Key projects include the operational Tagawa BESS (Japan's first LTDA-contracted battery storage), alongside development-stage projects in Hokkaido, Tohoku, Chubu, Hokuriku, Kansai, and Kyushu regions.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Plants

Quantifiable outcome

• Japan's first capacity market BESS project commissioned (Tagawa BESS, 23.97 MW/130.39 MWh)
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, supporting and minor.

• PowerX, Inc.coreStrategic or Co-development Partner · 7 March 2025Strategic partnership for high-voltage BESS development in Japan. Jointly developing over 10 high-voltage BESS sites across the nation over 12 months period.
• Sungrow JapancoreTechnology or IntegrationBESS system supplier for Hexa's battery storage projects including Kumamoto, Bibai, Shiraoi, Eniwa, and Matsusaka projects.
• Shirokuma Electric Power Co., Ltd.coreImplementation/ SI/ Consulting PartnerBalance-of-plant EPC contractor for multiple BESS projects. Development and EPC partner for Tagawa BESS project.
• Nishimura & AsahisupportingImplementation/ SI/ Consulting PartnerLegal advisor to the company for Tagawa BESS project financing.
• Mori Hamada & MatsumotosupportingImplementation/ SI/ Consulting PartnerLenders' legal counsel for Tagawa BESS project financing.
• 株式会社ABILITYENERGY (ABILITY ENERGY)minorStrategic or Co-development PartnerPartner company in Mitsubachi Fellowship scholarship program. Provides financial commitment and support for site visits, internships, and employment opportunities.
• 株式会社ブレード (Blade)minorStrategic or Co-development PartnerPartner company in Mitsubachi Fellowship scholarship program. Contributes to scholarship funding and career development opportunities.
• しろくま電力株式会社 (Shirokuma Electric Power)minorStrategic or Co-development PartnerPartner company in Mitsubachi Fellowship. Supports fellowship activities alongside Hexa Energy Services.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Shizen Energy: Independent Japanese renewable energy IPP developing solar, wind, and BESS projects. Actively competing in Japan's LTDA auctions and a direct comparable in terms of scale and project development model.
• Renova, Inc. Tokyo-listed renewable energy IPP developing solar, wind, biomass, and battery storage projects in Japan — one of the most active BESS developers competing for LTDA awards and a direct pipeline competitor to Hexa.
• PowerX: Japanese grid-scale BESS developer and Hexa's strategic partner for high-voltage BESS co-development. Directly comparable in product offering and Japan market focus, with a more hardware-oriented approach (in-house BESS manufacturing).
• Japan Renewable Energy Corporation (JRE): Major Japanese solar and BESS developer backed by Actis, with a substantial operational and development pipeline. Competes with Hexa for LTDA awards and corporate PPA off-take in the Japanese market.
• Pacifico Energy: Tokyo-based developer of utility-scale solar and BESS projects in Japan, with a comparable LTDA-awarded portfolio and a senior team that overlaps with Hexa's leadership (e.g., CEO Yoichiro Mizuta was previously CFO of Pacifico).
• Peak Energy Japan: Tokyo-based utility-scale solar and BESS developer with Japan-focused operations. Hexa's Director Taro Ikezaki previously served as Head of Business Development at Peak, making it a direct pipeline competitor for LTDA awards.
• wpd Japan: German-backed renewable energy developer (wpd AG) operating solar, wind, and increasingly BESS projects in Japan — Hexa's Director Taro Ikezaki was previously in wpd Japan's onshore wind team. Direct comparability on project development and Japan focus.

Broad incumbents

• Eurus Energy Holdings: Tokyo-headquartered renewable energy IPP (Toyota Tsusho / Tokyo Gas) developing wind, solar, and BESS across Japan and globally — a much larger incumbent that competes in the same LTDA capacity market with deeper balance sheet.
• Sembcorp Industries (Japan): Singapore-based energy and urban development group with growing Japan BESS and renewables exposure through its GIM business. Competes for grid-scale storage project awards and corporate PPA off-take in Japan.

Regional players

• Zenobe Energy: UK-based grid-scale BESS developer and operator (Hexa Engineering Head Shinya Hishida was previously Engineering Manager at Zenobe, helping structure 1.5 GW of UK BESS). Closest international peer on engineering/development model, though operating in a different geography.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hexa-energy-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hexa Energy Service