Fenox invests $2m in Japan solar energy marketplace
Fenox Venture Capital has invested $2 million in I AND C-Cruise (IACC), the Japanese start-up behind solar power web portal Green-EnergyNavi.com.
This is the venture capital firm's second round of investment; it committed an undisclosed sum in 2013. Prior to that, IACC raised $350,000 from Samurai Incubate in 2010, and the another $450,000 from Energy & Environment Investment the same year.
Set up in 2008, Green-EnergyNavi.com claims to be the largest marketplace in Japan's $8 billion domestic household solar panel market.
The site includes user reviews and cost estimates for the selection of solar power products from multiple vendors. It also provides consumers with practical information on best practices, government subsidies, and tax incentives for using solar energy.
The portal currently has more than 50,000 subscribers, and partners with about 500 manufacturers and service providers. IACC plans to use the new investment to enter the electric power distribution market.
Japan's electricity market is expected to be deregulated in 2016 as part of a series of reforms triggered by the Tohoku earthquake of 2011, and the subsequent energy crisis that has highlighted the inflexibility of the domestic electricity system.
The new reforms, driven by Prime Minister Shinzo Abe's government, will establish a national electricity grid to allow for a better balance of Japan's power demand and supply and ensure energy security. Efforts will also be made to expand the wholesale electricity trading market and introduce real-time pricing.
"IACC offers the right solution at the right time," said Anis Uzzaman, general partner at Fenox Venture Capital. "We are investing a second time in IACC because of its exponential growth rate, the market demand, and its high future potential."
The transaction represents Fenox's second Japan investment this year. Fenox is a tech-focused Silicon Valley VC firm that has backed more than 50 companies in the US, Japan, Indonesia, and Singapore.
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