NGK and Ricoh Start Operations at Joint Venture NR-Power Lab Co., Ltd.

February 1, 2023: NGK INSULATORS, LTD.; Ricoh Company, Ltd.

NGK INSULATORS, LTD. (“NGK”) and Ricoh Company, Ltd. (“Ricoh”) announced today that they have started operations at NR-Power Lab Co., Ltd. (“NR-Power Lab”), the two companies' joint venture in the electric power business.

NR-Power Lab will provide services to promote the widespread adoption of renewable energy, which is essential to achieving carbon neutrality. These services will be provided by combining NGK's control technologies for storage batteries^*1, such as its proprietary large-capacity NAS^® batteries, and Ricoh's renewable energy distribution record platform^*2, which uses its proprietary digital technologies.

NR-Power Lab seeks to commercialize the following at an early stage:

Virtual Power Plant (VPP) service

A VPP uses digital technology to perform integrated control of various energy resources, functioning like a power plant. These resources include electricity generated through renewable energy sources, electricity for charging and discharging storage batteries, and electricity consumed by facilities and homes. This service will comprehensively regulate the supply-demand balance of electricity, and contribute to the stable and efficient use of renewable energy since the amount of electricity generated from renewable energy varies with the weather and the seasons. Supplying balancing capacity to the energy balancing market—where power (balancing capacity) is traded to eliminate the supply-demand gap for electricity—will also be considered.

Digital electricity services

New electricity services that offer higher added value will be provided by using digital technologies such as blockchain technology and electricity data obtained through IoT technology. Efforts will be made to achieve the decarbonization of communities and companies and to support their introduction of renewable energy. This will be done through the supply of solutions such as energy-efficient equipment, energy management, and the maintenance and operation of solar power generation facilities.

NGK and Ricoh have both joined RE100^*3 and have been running a trial renewable energy tracking project^*4 since May 2022. Through new businesses that integrate both companies' existing technologies and expertise, the two companies will support the widespread adoption and introduction of renewable energy and contribute to realizing a sustainable society.

*1 NGK's storage batteries:

NAS battery for energy storage

ZNB, zinc rechargeable battery

*2 Ricoh's renewable energy distribution record platform:

Application of blockchain technology to the renewable energy field

*3 RE100:

A global initiative that aims for corporations to cover the electricity used in their business activities with 100% renewable energy

*4 NGK and Ricoh's trial project:

November 12, 2021: NGK and Ricoh to Start Trial Renewable Energy Tracking Project

Overview of the Joint Venture

Company name: NR-Power Lab Co., Ltd.

Location: 22-8, Chikusa 2-chome, Chikusa Ward, Nagoya, Aichi Prefecture, Japan
Inside Nagoya Life Science Incubator (NALIC)

Representative: Yuichi Nakanishi, Representative Director and President

Business activities: Business development related to VPP services and digital electricity services

Capital: 40 million yen

Investment ratios: NGK INSULATORS, LTD. 51.0% / Ricoh Company, Ltd. 49.0%

Start of operations: February 1, 2023

URL: https://nr-power-lab.jp

Employees: 11 (as of February 1, 2023)

Corporate logo of NR-Power Lab Co., Ltd.

The corporate logo depicts NGK (N) and Ricoh (R) combining their strengths and harnessing New Resources and immense Power to accelerate the realization of carbon neutrality.

Message from Yuichi Nakanishi, Representative Director and President of NR-Power Lab Co., Ltd.

My name is Yuichi Nakanishi. I have been appointed as the new company's president.

Since their founding, NGK and Ricoh have developed various businesses that contribute to solving environmental issues in Japan and overseas to realize a sustainable society.

NR-Power Lab will strive to solve issues associated with spreading renewable energy, which is essential to realizing a decarbonized society. We will do so by combining the strengths of both NGK and Ricoh and harnessing their physical assets, digital technologies, and services. Through these efforts, NR-Power Lab aims to contribute to realizing a sustainable society. Specifically, at an early stage, we will ambitiously commercialize two businesses, VPP services and digital electricity services. The first business, VPP services, regulates electricity supply-demand balance through integrated control of various energy resources with IoT technology. The second business, digital electricity services, provides new value to society by harnessing power generation and usage data.

Our mission statement is “Be ambitious. Bring together wisdom from many sectors to find solutions for the next generation.” With this goal in mind, we intend to solve problems through open innovation.

For full version in PDF format

NGK and Ricoh Start Operations at Joint Venture NR-Power Lab Co., Ltd. (3pages/184KB)

| About Ricoh |

Ricoh is empowering digital workplaces using innovative technologies and services that enable individuals to work smarter from anywhere.

With cultivated knowledge and organizational capabilities nurtured over its 85-year history, Ricoh is a leading provider of digital services, information management, and print and imaging solutions designed to support digital transformation and optimize business performance.

Headquartered in Tokyo, Ricoh Group has major operations throughout the world and its products and services now reach customers in approximately 200 countries and regions. In the financial year ended March 2022, Ricoh Group had worldwide sales of 1,758 billion yen (approx. 14.5 billion USD).

For further information, please visit www.ricoh.com

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