ASTMAX Co., Ltd.

Business Details

Promoted by ASTMAX Inc. and its consolidated subsidiary ASTMAX Ebino Geothermal Co., Ltd. The business develops solar power plant (13.1MW) electricity sales and O&M business (31.6MW), Corporate PPA (8 sites), grid-connected battery storage (rated output 50MW, rated capacity 100MWh) operator business in Sapporo, Hokkaido, and geothermal power business (4.4MW planned) in Ebino City, Miyazaki Prefecture. The segment targets CO2 reduction of up to 66,000 tons annually (equivalent to 100MW of solar) by 2030.

Recent Overview

Revenue increased but the segment fell into a loss due to expanding upfront costs; the grid-connected battery storage facility began operation in November 2025

Full-year revenue for FY2026 (ending March 2026) reached ¥928 million (up ¥189 million, or 25.6%, year on year), achieving revenue growth, but segment profit/loss fell into a loss of ¥46 million (compared to a profit of ¥135 million in the prior year). The main causes were increased insurance premiums, upfront operating expenses incurred for new projects in the grid-connected battery storage business, ongoing upfront costs in the geothermal power business, and the fact that the business framework construction for the grid-connected battery storage business, which had been expected to be completed by the end of FY2026 (ending March 2026), was pushed back to the following fiscal year. The grid-connected battery storage facility in Sapporo, Hokkaido began operation on November 1, 2025, and the aggregator business is now in full swing. In the geothermal power business, a third-party allotment of new shares by Takenaka Corporation to the subsidiary was conducted in November 2025, and the business plan is under review.

Key Products

Growth Drivers

• Full-scale realization of aggregator revenue following the November 2025 start of operations at the grid-connected battery storage facility (Hokkaido, 50MW/100MWh) and expansion into other areas (one project expected to have its business framework established by the end of Q1 FY2027 (ending March 2027))
• Continued acquisition and expansion of solar power plants (two additional low-voltage plants acquired in December 2025, expanding capacity to 13.1MW) and profitability improvement through repowering and transition to FIP
• Expansion of a stable revenue base through the accumulation of Corporate PPA projects (8 sites in total)
• Strengthening of the business foundation and profitability improvement in the geothermal power business (4.4MW) through the capital alliance with Takenaka Corporation
• Tailwind from the renewable energy mainstream power source policy under the 7th Strategic Energy Plan

Risks

• Continued incurrence of upfront costs associated with the start of grid-connected battery storage operations and a time lag before monetization (a project originally planned for completion by the end of FY2026 (ending March 2026) has been pushed back to the following fiscal year)
• Risk of business plan revisions in the geothermal power business, including rising construction costs, additional capital reinforcement, and fundraising needs (the business framework is being restructured following termination of the anonymous partnership agreement with Daiwa Energy & Infrastructure)
• Impact on electricity sales revenue from the expansion of economic curtailment (online proxy control) at solar power plants (curtailment orders have begun even within the TEPCO service area)
• Risk of rising insurance premiums and repair costs due to natural disasters and increased cable theft
• Risk of delays in commercializing the grid-connected battery storage business in other areas