Marubeni Corporation (hereinafter, “Marubeni”) signed a Memorandum of Understanding (hereinafter, “MOU”) with VinES Energy Solutions Joint Stock Company (hereinafter, “VinES”) to set out a framework for the development of a battery energy storage system project (hereinafter, the “Project”) in the Socialist Republic of Vietnam (hereinafter, “Vietnam”).

Under the framework of this MOU, Marubeni will initially conduct a feasibility study for marketizing the installation of battery energy storage systems at business locations owned by Vingroup Joint Stock Company (and/or its Affiliates)—the parent company of VinES and one of the largest business conglomerates in Vietnam—with the aim of verifying various solutions*1 to achieve decarbonization.

Marubeni is developing the business to supply renewable energy to commercial and industrial customers by means of the installation, ownership, and operation of solar PV systems on the roofs of customer factories and/or warehouses, without requiring any initial investment by the customers (hereinafter, the “Business”), which will extend beyond Vietnam to also encompass the United Mexican States (Mexico), the Kingdom of Thailand, the Republic of the Philippines, and Japan. By implementing the feasibility study for marketizing the solution of battery energy solution systems and achieving actualization on the Project, Marubeni is aiming to expand the Business, with a view to installation of the battery energy storage systems at the facilities of customers of the Business as an additional service.

In its Mid-Term Management Strategy “GC2024,” Marubeni committed itself to leading the transition to a green economy by expanding “Green Business” and “Greening” in all its business domains. In Vietnam, the company signed a Memorandum of Understanding with the Vietnam Electricity Group (EVN), a state-owned power utility and services provider in Vietnam, on mutual collaboration towards the achievement of a decarbonized society in Vietnam.

Through the Project, Marubeni will aim to strengthen its strategic partnership with Vingroup and contribute to the achievement of net zero emissions by 2050, alongside the decarbonization of global society and of Vietnam. 

*1 Encouraging renewable energy through the Business and solutions using battery energy storage systems represented by the optimization of electricity  demand response, through smart grid management.

Marubeni Green Power Vietnam Co., Ltd Overview
Company Name:	Marubeni Green Power Vietnam Co., Ltd
Location:	Hanoi, Socialist Republic of Vietnam
Shareholder:	100% owned by Marubeni Group
Establishment:	October, 2021
Representative:	Yuji Otsuka
Main Business:	Supply of renewable energy to commercial and industrial customers by means of the installation, ownership, and operation of solar PV systems
VinES Overview
Company Name:	VinES Energy Solutions Joint Stock Company
Location:	Hai Phong, Socialist Republic of Vietnam
Shareholder:	51% owned by Vingroup and others
Establishment:	2021
Representative:	Pham Thuy Linh / Mai Huong Noi
Main Business:	Production of battery products, including battery energy storage systems in Vietnam
Website:	https://vines.net.vn/
Vingroup Overview
Company Name:	Vingroup Joint Stock Company
Location:	Hanoi, Socialist Republic of Vietnam
Major Shareholders:	As at 31 December 2022    Vietnam Investment Group LLC (32.58%) Pham Nhat Vuong (19.18%) VMI JSC (6.29%) SK Invetment Vina II Pte , Ltd. (5.98%)
Establishment:	1993
Representative:	Nguyen Viet Quang
Main Business:	Real estate, hospitality, retail, vehicle manufacturing, education, medical, services, other.
Website:	https://vingroup.net/EN

Related news releases:
・December 6, 2021
Marubeni Signs a Corporate Power Purchase Agreement with Ajinomoto Vietnam for a Rooftop Solar PV System
https://www.marubeni.com/en/news/2021/release/00101.html

・November 25, 2022
Marubeni Signs a Memorandum of Understanding with the Vietnam Electricity Group (EVN) for the Achievement of a Decarbonized Society in Vietnam
https://www.marubeni.com/en/news/2022/release/00090.html