MOU with VinES for the Development of a Battery Energy Storage System Project in Vietnam

Marubeni Corporation (hereinafter, “Marubeni”) signed a Memorandum of Understanding (hereinafter, “MOU”) with VinES Energy Solutions Joint Stock Company (hereinafter, “VinES”) to set out a framework for the development of a battery energy storage system project (hereinafter, the “Project”) in the Socialist Republic of Vietnam (hereinafter, “Vietnam”).

Under the framework of this MOU, Marubeni will initially conduct a feasibility study for marketizing the installation of battery energy storage systems at business locations owned by Vingroup Joint Stock Company (and/or its Affiliates)—the parent company of VinES and one of the largest business conglomerates in Vietnam—with the aim of verifying various solutions*1 to achieve decarbonization.

Marubeni is developing the business to supply renewable energy to commercial and industrial customers by means of the installation, ownership, and operation of solar PV systems on the roofs of customer factories and/or warehouses, without requiring any initial investment by the customers (hereinafter, the “Business”), which will extend beyond Vietnam to also encompass the United Mexican States (Mexico), the Kingdom of Thailand, the Republic of the Philippines, and Japan. By implementing the feasibility study for marketizing the solution of battery energy solution systems and achieving actualization on the Project, Marubeni is aiming to expand the Business, with a view to installation of the battery energy storage systems at the facilities of customers of the Business as an additional service.

In its Mid-Term Management Strategy “GC2024,” Marubeni committed itself to leading the transition to a green economy by expanding “Green Business” and “Greening” in all its business domains. In Vietnam, the company signed a Memorandum of Understanding with the Vietnam Electricity Group (EVN), a state-owned power utility and services provider in Vietnam, on mutual collaboration towards the achievement of a decarbonized society in Vietnam.

Through the Project, Marubeni will aim to strengthen its strategic partnership with Vingroup and contribute to the achievement of net zero emissions by 2050, alongside the decarbonization of global society and of Vietnam.

*1 Encouraging renewable energy through the Business and solutions using battery energy storage systems represented by the optimization of electricity demand response, through smart grid management.