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

NGK and Ricoh Start Operations
at Joint Venture NR-Power Lab Co., Ltd.
NGK INSULATORS, LTD. (“NGK”) and Ricoh Company, Ltd. (“Ricoh”) announced todaythat they have started operations at NR-Power Lab Co., Ltd. (“NR-Power Lab”), the twocompanies’ 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 renewableenergy sources, electricity for charging and discharging storage batteries, and electricity
consumed by facilities and homes. This service will comprehensively regulate the supplydemand 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 andthe 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 beconsidered.
 Digital electricity services
New electricity services that offer higher added value will be provided by using digitaltechnologies such as blockchain technology and electricity data obtained through IoTtechnology. 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 ofsolutions such as energy-efficient equipment, energy management, and the maintenance andoperation 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 andintroduction of renewable energy and contribute to realizing a sustainable society.

*1 NGK’s storage batteries:
NAS battery for energy storage https://www.ngk-insulators.com/en/product/nas.html
ZNB, zinc rechargeable battery https://www.ngk-insulators.com/en/rd/*2 Ricoh’s renewable energy distribution record platform:
Application of blockchain technology to the renewable energy field
https://www.ricoh.com/technology/tech/089_blockchain*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
https://www.ngk-insulators.com/en/news/2021/20211214_2.pdf

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

Capital40 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-PowerLab 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 isessential to realizing a decarbonized society. We will do so by combining the strengths of both NGKand Ricoh and harnessing their physical assets, digital technologies, and services. Through theseefforts, NR-Power Lab aims to contribute to realizing a sustainable society. Specifically, at an earlystage, we will ambitiously commercialize two businesses, VPP services and digital electricityservices. The first business, VPP services, regulates electricity supply-demand balance throughintegrated control of various energy resources with IoT technology. The second business, digitalelectricity 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.