Capital and Business Alliance with Singaporean Mobility Startup SWAT Mobility

Chubu Electric Power announces that it has agreed to a business alliance with SWAT Mobility Pte. Ltd. (Executive Chairman: Arthur Chua, hereinafter "SWAT"), a Singapore-based mobility startup company, for the development of services in the mobility field.　
After completing the prescribed procedures, the company will underwrite a portion of the third-party allotment of new shares conducted by SWAT and acquire such shares by the end of April 2024.

SWAT possesses the proprietary of advanced AI technology referred to as dynamic routing algorithm, which automatically creates efficient routes for people and goods with the minimum number of vehicles, and provides bus route traffic analysis systems, on-demand traffic operation systems, and logistics delivery optimization systems to nine countries worldwide, including Japan.

Through this capital and business alliance, Chubu Electric Power will accelerate the development of new solution services that combine the technologies and services of both companies, such as SWAT's algorithms and OPCAT of our optimal charging management system for commercial Electric Vehicles ("EVs"), in order to contribute to the decarbonization of society and customers through the spread of EVs toward the achievement of carbon neutrality by 2050.

The investment will be made from Chubu Electric Power Community Support Fund 2, a corporate venture capital established in November 2023 as an internal fund to speed up investment in venture companies with cutting-edge technologies and innovative business models as well as venture investment funds.

<Reference> Overview of SWAT