PowerX, Inc.
485A・Growth Market・Electric Appliances
PowerX, Inc.
485A・Growth Market・Electric Appliances
Business
PowerX Inc. has set forth the vision of "a planet forever free of energy shortages," providing an integrated service from the development, manufacturing, and sales of Battery Energy Storage Systems (BESS) to the planning and operation of grid-connected battery storage facilities. The company manufactures its large-scale stationary battery storage system "PowerX Mega Power" (annual production capacity of 1,096MWh) and its battery-based rapid EV charging system "PowerX Hypercharger" (171MWh) at its own factory, "Power Base," in Tamano City, Okayama Prefecture, as well as at partner factories. Its main customers span a wide range of industries, including power generation companies, urban developers, real estate companies, and automotive-related manufacturers. The company listed on the Tokyo Stock Exchange Growth Market in December 2025. It operates three business segments—BESS, EVCS, and Power—and also plans to enter the mass-production data center business and the offshore power transmission business in the future.
Business Model
Battery cell and module manufacturing is outsourced (primarily to suppliers in China), while design, assembly, software development, and maintenance are completed domestically under a "Made in Japan" model. In addition to product sales, the company combines remote monitoring and maintenance services (recurring revenue) via its proprietary "Power OS", sales of renewable energy-derived electricity (Advance Plan), and aggregation services for battery storage facilities (tolling, merchant, and hybrid models), aiming to diversify revenue away from dependence on hardware sales.
Company Strengths
The order backlog at the end of FY2025 (ending December 2025) reached ¥37,022 million (up 604.9% year on year), of which ¥36,893 million was for stationary battery storage systems. The amount scheduled for revenue recognition in FY2026 (ending December 2026) stands at ¥28,913 million, meaning the majority of next fiscal year's revenue is already secured. Winning subsidy-selected projects and the scaling-up of project sizes drove the surge in orders.
Product design, assembly, software development, and maintenance are all completed 100% domestically. The company emphasizes its response to the Act on the Promotion of Economic Security, which took effect in June 2025, and in October 2025 obtained Level 1 conformity labeling under IPA's "JC-STAR" security certification scheme for IoT products. Cybersecurity is ensured through the in-house developed BMS and Power OS.
In FY2025 (ending December 2025), BESS Business revenue reached ¥17,102 million (up 312.8% year on year), with segment profit of ¥3,870 million (up 352.6% year on year). A decline in procurement prices for common components resulting from expanded production volume enhanced cost competitiveness, pushing the segment profit margin to 22.6%.
ENVALITH's Perspective
Performance Trend
Revenue for FY2025 was ¥19,306 million (more than 3x year-on-year), and the operating loss narrowed sharply to ¥677 million, clearly indicating an improving trajectory. Consolidated financial position for 1Q FY2026 (January-March 2026) showed total assets of ¥24,608 million, net assets of ¥7,935 million, and an equity ratio of 28.4% (post-correction). Net loss attributable to owners of the parent for the quarter remained in deficit at ¥1,007 million. The correction dated June 25, 2026 revised capital surplus, non-controlling interests, and depreciation expense (¥145 million → ¥141 million), among other items, but had no impact on profit and loss. As an external factor, expanding demand for grid-connected storage batteries under the 7th Strategic Energy Plan is supporting revenue growth.
Growth Strategy
Pursuing continuous growth centered on the BESS Business, while pursuing discontinuous growth through data centers and overseas expansion
Against a backdrop of an order backlog of ¥36,893 million, deliveries of PowerX Mega Power are progressing steadily. Order accumulation centered on units scheduled for shipment in 2026 supports a high probability of revenue recognition. Cost reductions in common components resulting from increased production volume are also expected to contribute to improved profitability.
The launch of sales of "PowerX Hypercharger Pro" is capturing demand for energy management and disaster prevention from municipalities and commercial facilities. The company aims to reduce the segment loss through manufacturing cost containment effects from increased production volume across battery products overall, and through expansion of B2C charging service locations via its proprietary app.
The company is driving accumulation of Power Aggregation Service revenue through the spread of the tolling model, as well as expanding its customer base for power sales (retail, wholesale, and intermediary). It is capturing increasing demand for grid-connected battery storage facilities, driven by the 7th Strategic Energy Plan (targeting a 40-50% renewable energy share by 2040).
In Q1 FY2026 (ending March 2026), Kaijo Power Grid Co., Ltd. carried out a third-party allotment capital increase (increasing capital surplus by ¥161 million, revised figure). Non-controlling interests of ¥714 million have been recorded, and the company is advancing business expansion through external capital raising at the subsidiary level.
Last updated: July 17, 2026