Note: The following is an English translation of the Japanese-language original.

August 19, 2024
[Press Release]
Japan Petroleum Exploration Co., Ltd.
Tel: +81-3-6268-7110 (Media Relations)
https://www.japex.co.jp/en/contact/

Construction of JAPEX’s first power storage facility
and entry into the Grid-scale battery businessJapan Petroleum Exploration Co., Ltd. (JAPEX) announces that it has started construction of its first gridscale battery (*1) facility (hereinafter the “Battery Energy Storage System”) on the unused land of its ResearchCenter in Chiba City, Chiba Prefecture, and entries into the Grid-scale battery business.
Under the “JAPEX Management Plan 2022-2030” formulated in March 2022, to establish a profit
structure that is less susceptible to changes in the external environment, such as oil price fluctuations, JAPEX
operates and manages the Fukushima Gas Power Plant through Fukushima Gas Power Co., Ltd., which isowned by five companies, with JAPEX as the largest shareholder and has also been involved in renewableenergy such as solar and biomass power generation.
The Battery Energy Storage System will begin commercial operation in spring 2025. After it starts
operation, by utilizing the electric power business structure we have built and the know-how we haveaccumulated, JAPEX will operate and manage the Battery Energy Storage System and will trade electricity
stored in it on various electricity markets (*2). In this way, JAPEX will contribute to the stable supply of energy
and the improvement of the supply-demand balance through the effective use and further expansion ofrenewable energy introduction and the provision of regulating power in TEPCO’s service area as well as create
opportunities for future revenue generation.
Tokyo Environmental Public Service Corporation selected the Battery Energy Storage System for its“Subsidy for the Project to Promote the Introduction of Large-Grid-Scale Batteries”, and a portion of the costs
required to introduce large-scale storage batteries directly connected to the electrical grid have been
subsidized.
In addition to efforts to provide a stable energy supply, JAPEX will pursue a stable supply that aligns withthe times and aims for further growth as a “comprehensive energy company” by engaging in the storage
battery business.

1 / 2Notes)*1: Storage batteries are connected to the electrical grid (the entire power system, from power plants to transmission anddistribution) and can stabilize the grid power by charging electricity when there is a surplus and discharging it when there is ashortage.
*2: Trading is conducted in three markets: the Wholesale electricity market, the Supply and demand adjustment market, and theCapacity market.

<Appendix>
Outline of the power storage facility
Name

JAPEX Mihama Battery Energy Storage System

Location

Hamada, Mihama-ku, Chiba-City, Chiba
Inside Research Center

Facility size

Output: 1,999 kW / Capacity: approx. 6,000 kWhBattery type

Lithium-ion storage batteryEPC

JFE Engineering Corporation

Start of construction

August 2024

Start of commercial operation

Spring 2025 (scheduled)

JFE Engineering Corporation Release (Japanese) https://www.jfe-eng.co.jp/news/2024/20240819.html###2 / 2