Clean Energy Supply by Combining Solar and Hydrogen Power Generation
TOKYO, July 18, 2024 (GLOBE NEWSWIRE) — SYLA Technologies Co., Ltd. (NASDAQ: SYT) (“SYLA” or the “Company”), Japan’s largest membership-based real estate crowdfunding platform operator, Rimawari-kun, announced that its subsidiary, SYLA Solar Co., Ltd. (“SYLA Solar”) has entered into a business alliance agreement (“Alliance”) with ABILITY LTD. (“ABILITY”) to launch a joint demonstration experiment for clean energy supply utilizing solar power generation and atmospheric pressure hydrogen cartridges.
The scope of work of the Alliance includes planning, research, development, design, production and sales operations related to the supply of clean energy utilizing solar power generation and atmospheric hydrogen cartridges. These activities will be carried out jointly or collaboratively by SYLA Solar and ABILITY.
The project will use electricity generated by solar power to produce hydrogen, which will then be split into oxygen and hydrogen. The hydrogen will be stored in atmospheric pressure hydrogen cartridges and used to operate a fuel cell (FC) generator. In addition, demonstration experiments will be initiated to explore the utilization of the oxygen produced, as well as the heat and electricity produced by the FC generator.
This joint demonstration trial aims to promote the efficient use of renewable energy and the expansion of hydrogen energy. SYLA Solar and ABILITY will leverage their combined technological capabilities and expertise to offer innovative energy solutions, contributing to a sustainable society.
About SYLA Technologies Co., Ltd.
Headquartered in Tokyo, Japan, SYLA Technologies Co., Ltd. (NASDAQ: SYT) (“SYLA” or the “Company”) owns and operates Japan’s largest membership-based real estate crowdfunding platform, Rimawari-kun, which targets individuals, corporate and institutional investors, and high net worth individuals. SYLA’s mission is to democratize real estate investment worldwide through technology and asset management through the Rimawari-kun platform. SYLA is engaged in the overall condominium investment business, including planning, development, construction, sales, rental management, building management, refurbishment work, and property sales. Additional information about the Company’s products and services is available at https://syla-tech.jp/en.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company uses forward-looking statements when discussing expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts, and are based on management’s current expectations, beliefs and projections, many of which are, by their nature, uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from those expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F, filed with the SEC on May 15, 2024. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting the forward-looking information except to the extent required by applicable securities laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to such statement or with respect to any other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Contact information
SYLA Technologies Investor Relations Contact:
Gateway Group, Inc.
John Yi and Steven Shinmachi
Address: SYLA@gateway-grp.com
(949) 574-3860
SYLA Technologies Company Contact
Takeshi Fuchiwaki
Director, Head of Growth
irpr@syla.jp
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c40ed6ad-8fd4-42da-bbec-367cba27bf3e
