Dec. 20, 2024Marubeni Corporation
Marubeni Corporation, through its wholly-owned subsidiary Marubeni Green Power Vietnam Co., Ltd, has commenced a battery energy storage system (“the BESS”) demonstration project in the Socialist Republic of Vietnam (hereinafter, “Vietnam”). This project (hereinafter, “the Project”) is based on a Memorandum of Understanding* for a collaboration in the BESS sector in Vietnam, signed with a subsidiary of Vingroup Joint Stock Company (hereinafter, “Vingroup”), Vietnam’s largest private conglomerate.
This Project involves Marubeni installing and operating the BESS at a resort facility owned by a Vingroup subsidiary, using a system developed and manufactured by VinFast Auto Ltd. (hereinafter, “VinFast”) under the VinFast Energy brand, another Vingroup relevant subsidiary. As the owner of the BESS, Marubeni will provide a service to reduce electricity costs by charging and discharging the batteries, taking advantage of time-of-use electricity rate differentials. This business model, which uses third-party investment in the BESS of this scale to reduce electricity costs, is one of the first of its kind in Vietnam. Marubeni aims to extend its BESS business by evaluating the economic viability of this service.
In its Mid-term Management Strategy “GC2024,” Marubeni has set forth the goal of pursuing green business and “greening” in all its business domains. Marubeni aims to further strengthen its strategic partnership with Vingroup while developing new power services in Vietnam. Through these efforts, Marubeni will contribute to a stable power supply for commercial and industrial consumers in the country.
* Related News Release:May 18, 2022Memorandum of Understanding with VinES for the Development of a Battery Energy Storage System Project in Vietnamhttps://www.marubeni.com/en/news/2023/release/00055.html
Battery Energy Storage System Overview:
Marubeni Green Power Vietnam Co., Ltd Overview:
Vingroup Overview:
Vin Fast Overview:
