SAN JOSE, Calif., Oct. 15, 2018 /PRNewswire/ -- Cleantech innovation hub, Prospect Silicon Valley (ProspectSV), announced today that Marubeni Corporation / Marubeni America Corporation (Marubeni) has joined as its newest corporate sponsor. Marubeni, a highly diversified Japanese trading company with existing business in energy, power generation, agriculture, chemicals, infrastructure, and renewable power generation, is looking to expand innovation opportunities for its own division.
ProspectSV will assist Marubeni in discovering innovative technologies to build upon their existing renewable energy business as well as automotive business assets and to improve the operations of its current lines of business. The Marubeni renewable energy division includes solar, battery and EV quick charger for utility and C&I scale power generation, while automotive division includes car dealerships and distributorships, vehicle financing, wholesale aftermarket parts and electric vehicle charging solutions. Marubeni is seeking strategic technology partnerships and investment opportunities, which could include equity investments or jointly developed proofs of concept.
"We are excited about our new relationship with ProspectSV. We look forward to learning about new technologies related to renewable energy and mobility and developing new business opportunities and partnerships in Silicon Valley," said Daisuke Matsukado, Department Manager, Silicon Valley Industrial System Department, Transportation Machinery Unit at Marubeni America Corporation.
Marubeni has already made notable investments in the cleantech industry including 70% acquisition of the Renewable Energy Test Center (RETC) in Fremont, California. Daisuke Matsukado, who is also the Chairman at RETC is committed to advancing renewable energy and vehicle technologies. Additionally, Marubeni is providing an EV fast charger, manufactured by Signet EV Inc. from Korea, for Electrify America. The Electrify America program, based out of Reston, Virginia, will be investing $2B over the next ten years in Zero Emission Vehicle (ZEV) technology, infrastructure and access.
"With its global footprint and extensive lines of business in the automotive sector, Marubeni is a welcome addition to ProspectSV's growing ecosystem of mobility innovators," said Ruth Cox, CEO of ProspectSV. "We are pleased to be able to assist them as they expand their advanced mobility offerings."
ProspectSV is a nonprofit cleantech innovation hub that focuses on advanced mobility and energy solutions for urban communities. By collaborating with key partners and providing resources for entrepreneurs in the field, ProspectSV is working to improve urban sustainability. ProspectSV provides technical insight, connections to partners / investors, pilot opportunities, and access to their Technology Demonstration Center and test beds (located inside the SJ Environmental Innovation Center). The organization has shown their commitment to innovative technologies and the business models that support them. ProspectSV has provided support to over 25 startups that have raised close to $200M in follow-on funding and helped raise more than $80M in grant funding for demonstration projects. For more information visit http://www.prospectsv.org or follow on Twitter, LinkedIn, and Facebook.
Marubeni is a major Japanese integrated trading and investment business conglomerate operating a variety of global businesses, including transportation & industrial machinery, food, consumer products, chemical & forest products, energy & metals and power & plants projects. Incorporated in 1949, the company including its group companies has about 40,000 employees and operates in 66 countries. Net income in FY2017 was approximately USD $2 billion. For more information visit http://www.marubeni.com/en.
SOURCE Prospect Silicon Valley
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