Azbil and Forest Energy Form Capital Alliance Aimed at Expanding Solutions in the Renewable Energy Field

TOKYO, Oct 25, 2023: Azbil Corporation (Head Office: 2-7-3 Marunouchi, Chiyoda-ku, Tokyo; President & CEO: Kiyohiro Yamamoto) has announced an investment agreement with Forest Energy Inc. (Headquarters: 3-14-37 Kamiosaki, Shinagawa-ku, Tokyo; CEO: Shingo Numa). To support the realization of a sustainable society powered by renewable energy, Azbil is underwriting Forest Energy’s third-party allocation of new shares.

Seeking to ensure business growth in the environment and energy field, Azbil has been exploring ways to expand its renewable energy solutions. With the aim of achieving carbon neutrality by 2050, the company has been looking at the potential/growth of energy systems based on the concept of local consumption of local products, and at business models based on regional collaboration. As part of this initiative, Azbil has decided on capital participation in Forest Energy.

Forest Energy is an energy company focused on the recycling of regional wood resources. It is involved in the planning, development, and operation of woody biomass power plants that enable local resources to be converted into a product, energy, for local consumption. Forest Energy also imports, sells, installs, and maintains small biomass combined heat and power (CHP)*1 facilities. By drawing up and implementing distributed-energy plans so municipalities can use such facilities, the company is engaged in improving regional resilience*2 by tackling both environmental issues and local challenges.

This capital participation will enable Azbil to strengthen its services such as the supply of renewable energy (electricity and heat) to customers—municipalities, buildings, factories, etc.—with access to local forest resources. This will also expand the solutions Azbil can offer as part of its environmental value-added energy service provider (ESP) business*3 for the supply of on-site renewable energy. Drawing on the knowhow and technological capabilities it has acquired over decades of experience in energy management, Azbil will work with Forest Energy to establish a business model for renewable energy use that integrates supply and demand, utilizing local forest resources to contribute to regional decarbonization.

Guided by the Group philosophy of “human-centered automation,” the azbil Group aims to contribute “in series” to a sustainable society and achieve sustainable growth by building relationships with its stakeholders, including customers and local communities.

Company profiles

  • Company name   Azbil Corporation
  • Head office     2-7-3 Marunouchi, Chiyoda-ku, Tokyo
  • Representative    Kiyohiro Yamamoto, President & Group CEO
  • Established     December 1, 1906
  • Business      Development, production, sales, and servicing of measurement & control equipment
  • URL
  • Company name   Forest Energy Inc.
  • Head office     3-14-37 Kamiosaki, Shinagawa-ku, Tokyo
  • Representative    Shingo Numa, CEO
  • Established     April 10, 2015
  • Business      Operating woody biomass power plants for the supply of natural energy based on the concept of local consumption of local products
  • URL

*1 CHP, also called cogeneration, simultaneously produces two forms of energy—such as hot water and electricity—from a single fuel source.
*2 Improving regional resilience involves the building of renewable energy facilities to promote local decarbonization and also to provide an emergency energy supply for the community following a disaster.
*3 ESP business provides services from the installation of energy-related equipment to operational management and maintenance.

* Posted information is accurate as of the date of announcement.