- 3DOM SG to be primary supplier of batteries and
energy storage solutions for all of G8's renewable energy projects
- G8 to receive up to US$10 million in funding from
3DOM at US$200m valuation
- 3DOM SG to issue new shares representing 8% of
its enlarged issued share capital in exchange for new shares representing 24%
of G8's enlarged issued share capital
- Both companies to jointly explore opportunities
for renewable power generation and electric mobility solutions
YOKOHAMA, JAPAN and SINGAPORE - Media OutReach - 6 December 2021 - 3DOM
Inc. and G8 Subsea Pte. Ltd. ("G8") today announced they have entered into a transaction
agreement (the "Agreement") for business collaboration, investment, and a share
swap. In the business collaboration, 3DOM's wholly-owned subsidiary 3DOM
(Singapore) Pte. Ltd. ("3DOM SG") will become the primary supplier of batteries
and energy storage solutions for all of G8's wind, solar, and hydro power projects.
G8 will benefit from reliable, long-lasting batteries that enable more
efficient and economical energy storage for renewable energy projects.
3DOM will invest up to US$10 million in G8, representing an aggregate stake
of up to 5% in the company, which has an implied total valuation of US$200
million. In the share swap, 3DOM SG will issue new shares representing 8% of its
enlarged issued share c
In addition to the supply of batteries, 3DOM SG will provide technology
and systems for the monitoring of battery conditions, and appropriate
allocation of first-life and second-life batteries for projects. Meanwhile,
3DOM SG and G8 will jointly explore new opportunities for renewable power
generation, including those related to thermal power production using biomass-derived
pellets, as well as further development of wind, solar, and hydro power
3DOM SG and G8 will also jointly explore opportunities related to
electric mobility, including the implementation of a total-zero-carbon-emission
model for commercial transport businesses, in which electric vehicles are
provided by lease/subscription and charged with renewable energy. The goal is
to reuse these vehicle batteries in stationary energy storage applications,
establishing a circular system of first-life and second-life use that takes
advantage of 3DOM batteries' longevity.
"There is great synergy between 3DOM and G8," says 3DOM
SG Representative Director & CEO Shusuke Oguro. "We are very pleased
for the chance to supply our advanced lithium-ion batteries for G8's renewable
energy storage applications in Singapore and across Asia. Moreover, 3DOM and G8
share a closely aligned vision for the future, so we are excited to leverage
each other's strengths and explore new opportunities for more environmentally-friendly
power generation and transportation, made uniquely possible by this partnership."
"We are truly excited about this technological and business
collaboration with 3DOM. It enables our Group to offer world-leading solutions for
clean energy storage with 3DOM's breakthrough battery technology. G8 is now
able to integrate 3DOM's battery and fuel cell systems to offer complete and
long-lasting energy storage solutions for our commercial and utility clients."
says G8 Founder & Managing Director Gerald Tan.
The issuer is solely responsible for the content of this announcement.