Idemitsu invests in Voya Energy to explore a novel energy generation approach utilizing aluminum metal

Tokyo, Japan — October 28, 2026 — Idemitsu Kosan Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Noriaki Sakai; hereinafter "Idemitsu") has made an investment in Voya Energy, Inc. (Headquarters: California, U.S.; Co-founder/CEO: Richard Wang; hereinafter "Voya") through Idemitsu CVC. Voya is developing proprietary aluminum-based fuel technology and commercializing purpose-built aluminum-powered generators to deliver clean and firm electricity without combustion or dependence on the grid. Through this investment, Idemitsu will deepen its knowledge of metal fuels, a new approach to energy generation, and explore partnership opportunities with Voya.

Electricity demand is growing rapidly due to the ongoing electrification and the growth of Data Centers, and large energy users are increasingly facing challenges in securing reliable power. Not only are they constrained by unreliable grid connections, but energy customers also face permitting challenges and growing community opposition to conventional onsite generation technologies due to environmental concerns.

Voya is developing aluminum-based fuel and generator systems that provide reliable, firm power through a quiet electrochemical process, without combustion, direct greenhouse gas emissions, or local pollution. Voya can initially displace diesel generators for on-site power needs by offering benefits of a clean energy generation source, rapid deployment, and non-flammable fuel for enhanced safety during storage and transportation. Voya aims to commercialize its system as an alternative to existing on-site power generation equipment and backup power sources, including diesel generators. In the future, Voya envisions expanding the use of its system beyond backup power to a wide range of applications at various demand sites, including data centers and industrial facilities.

Voya’s aluminum fuel is developed internally and produced from scrap aluminum and purposely manufactured into pellets that can be easily transported and flowed into Voya’s generators. Inside the generator, the fuel reacts with oxygen and water to produce electricity through a process enabled by Voya’s proprietary electrolyte and mechanical design. The process then produces aluminum trihydrate (ATH), a byproduct that Voya will initially sell as feedstock for the production of aluminum based products. In the future, Voya intends to establish a closed-loop fuel system in which ATH can be converted back into aluminum fuel.

Under the Medium-term Management Plan (FY2026–FY2030), Idemitsu is working to create and expand businesses that contribute to a stable energy supply for the future amid ongoing electrification. Idemitsu’s investment in Voya is part of these efforts. Idemitsu aims to further develop potential collaboration opportunities with Voya, such as hosting pilot deployments at Idemitsu affiliated sites or supporting Voya’s fuel distribution strategy given Idemitsu’s existing network and capabilities.

‍About Idemitsu Kosan Co., Ltd.

Idemitsu Kosan Co., Ltd. is one of Japan's leading producers and suppliers of energy. Based on trusting relationships with partners and customers in various fields, including Petroleum, Basic Chemicals, Functional materials, Power/renewable energy, and Resources, we are engaged in the development, manufacturing, and sales of diverse energy and materials. We continue to take on new challenges, leveraging our domestic and international networks, towards the realization of a carbon-neutral and circular society by 2050. Website: https://www.idemitsu.com/en/

About Idemitsu CVC

‍ Idemitsu CVC (Idemitsu Corporate Venture Capital): Idemitsu CVC is an organization that makes strategic investments from a medium to long-term perspective to accelerate innovation that shapes the future. Its investment focus spans the “GROWTH” domain (including electrification and ICT) and the “CNX” domain (low-carbon and decarbonization solutions), with the aim of creating new growth businesses, achieving carbon neutrality, and contributing to energy security

Media Contact: - Idemitsu Kosan Co.,Ltd., Public Relations Department Public Relations Section https://www.idemitsu.com/en/contact/flow/index.html

About Voya Energy

Voya Energy is pioneering a new energy system built on metal fuels, an abundant, energy-dense and recyclable class of materials capable of storing and delivering energy. Voya pairs its proprietary aluminum fuel with a purpose-built, aluminum-powered generator to provide reliable, clean and dispatchable electricity without combustion or dependence on the utility grid. Learn more at voya.energy.