Announcement regarding acquisition of equity to make XOOM Energy Japan, GK as a consolidated subsidiary
erex Co.,Ltd.*1 has acquired XOOM Energy Japan, GK*2, a company previously owned by BlueGreen Asia Pacific Holdings*3, as a wholly owned subsidiary. The details are as follows.
*1 erex Co.,Ltd.: hereinafter referred to as “erex”
*2 XOOM Energy Japan, GK: Headquarters: Minato-ku, Tokyo; CEO: Thomas L. Ulry; hereinafter referred to as “XOOM”
*3 BlueGreen Asia Pacific Holdings: hereinafter referred to as “BlueGreen”
1. Reasons for making XOOM as a wholly owned subsidiary
erex Group has been strengthening and advancing an integrated business focused on biomass power generation, fuels, and electricity retail sales business. We now are at a diverging point when considering about electricity retail sales, which has been playing a center role in erex group’s growth. erex will shift our ways of thinking from competition, a conventional awareness at our company, to collaborating with other companies, expanding our business by conducting M&A’s, and considering diverse possibilities of discontinuous growth based on our management philosophy of co-creation.
XOOM is the first foreign company that has been registered by the Ministry of Economy, Trade and Industry as an electricity retail company, and it has been supplying electricity throughout Japan (besides Okinawa and the remote islands) to customers using low-tension power since 2016. We leveraged our experience and expertise in the liberalized market for electricity and gas in the United States to meet customers’ demand those markets. In addition, our excellent services which include multilingual support will be an aid to expand our customer base in Japan’s electricity market. Moreover, XOOM’s sales partner ACN (founded in the United States in 1993) has a strong record in the sale of services such as telecommunications and energy in 25 countries around the world. We believe that the collaboration between XOOM and ACN will allow us to achieve continuous expansion and growth of our electricity retailing business moving forward.
By acquiring XOOM as a wholly owned subsidiary of erex, we hope to build a “co-creation” and reliable alliance across different industries and national boundaries, and aim to create a system that can offer high-level solutions that will meet our customer demand.
Based on our 2030 vision, ”Becoming a leading company in the coming era of electricity field having renewable energy as a core business.”, erex group will seek to expand our retail business and increase our corporate values, and contribute to make Japan a low carbon society as a leading company in the renewal energy field.
Overview of erex Co.,Ltd.
|Company name||erex Co.,Ltd.|
|Location||14th Floor, Kyobashi Edogran, 2-2-1, Kyobashi, Chuo-ku, Tokyo|
|Scope of business||Retail electricity/gas business, biomass power generation business, biomass fuel sales|
|Capital||5.1 billion yen (as of March 2020)|
Overview of XOOM Energy Japan, GK
|Company name||XOOM Energy Japan, GK|
|Location||KOYO Building 6F 1-10-17 Hamamatsu-cho, Minato-ku, Tokyo|
|Representative||CEO/Managing Director Thomas L. Ulry|
|Scope of business||Retail electricity business|
|Capital||10 million yen (as of March 2020)|