Supplying clean energy by combining solar power generation and hydrogen
TOKYO, July 18, 2024 (GLOBE NEWSWIRE) — SYLA Technologies, Inc. (NASDAQ: SYT) (“SYLA” or the “Company”) SYLA Solar Co., Ltd., which operates one of Japan's largest membership-based real estate crowdfunding platforms, “Rimawari-kun,” has announced that its subsidiary, SYLA Solar Co., Ltd. (hereinafter, “SYLA Solar”), has entered into a business partnership agreement (hereinafter, “this partnership”) with ABILITY Co., Ltd. (hereinafter, “ABILITY”) and will begin a joint demonstration experiment to supply clean energy using solar power generation and atmospheric pressure hydrogen cartridges.
The scope of business under this partnership will cover planning, research, development, design, manufacturing, and sales related to clean energy supply using solar power generation and atmospheric hydrogen cartridges, which will be carried out jointly or in collaboration between SYLA Solar and ABILITY.
In this project, hydrogen will be produced using electricity generated by solar power generation, which will then be split into oxygen and hydrogen and stored in atmospheric pressure hydrogen cartridges to power a fuel cell (FC) generator. In addition, demonstration experiments will be started to consider the effective use of the oxygen produced, and the heat and electricity generated by the FC generator.
This joint demonstration experiment aims to make effective use of renewable energy and expand the use of hydrogen energy. SYLA Solar and ABILITY will leverage their respective technological capabilities and know-how to provide innovative energy solutions and contribute to the realization of a sustainable society.
About SYLA Technologies, Inc.
SYLA Technologies Co., Ltd. (NASDAQ: SYT) (hereinafter “SYLA” or “the Company”) owns and operates “Rimawari-kun”, Japan's largest membership-based real estate crowdfunding platform, targeted at 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 entire investment apartment business, including planning, development, construction, sales, rental management, building management, repair work, and property sales of investment apartments. Additional information about our products and services can be found at https://syla-tech.jp/en.
Caution 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 “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” and similar expressions or variations of these words are intended to identify forward-looking statements. For example, the Company uses forward-looking statements when discussing the expected total proceeds and the closing of the offering. Forward-looking statements are not historical facts but 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 or implied in the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of risks and uncertainties affecting the Company, please refer to the Company's reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, without limitation, 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 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 inferred that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites are provided for convenience only, and the information contained on such websites is not incorporated by reference into this press release.
contact address
SYLA Technologies Investor Relations Contact:
Gateway Group Inc.
John Yee and Steven Shinmachi
SYLA@gateway-grp.com
(949) 574-3860
SYLA Technologies Company Contact
Takeshi Fuchiwaki
Director, Chief Growth Officer
email address
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c40ed6ad-8fd4-42da-bbec-367cba27bf3e
