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Smart battery firm nets $7 million investment from Japan's Itochu Corporation

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Busakorn Pongparnit | Moment | Getty Images

Smart battery business Moixa has entered into a strategic partnership with the Tokyo-headquartered Itochu Corporation.

In an announcement Monday, U.K.-based Moixa said the agreement would allow its GridShare platform to be launched in the "rapidly growing Japanese battery market." GridShare both manages and optimizes home energy storage systems.

Additionally, Itochu will invest £5 million ($7 million) in Moixa.

Moixa said that Itochu will have sold more than 6,000 of its Smart Star home battery systems by the end of March this year, and that GridShare would be installed on products as standard by this summer.

"Itochu is a major player in the global battery market and this partnership provides a real opportunity for us to expand our business in Japan and provide GridShare technology to many global battery companies," Moixa CEO Simon Daniel said in a statement.

Koji Hasegawa, Itochu's general manager of its Industrial Chemicals Department, said the GridShare system would "help our customers get more value for their home batteries and… offer solutions to help our partners manage Japan's low-carbon transition."

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