Dogan MGX Fund Invests in AZAPA Co., Ltd. and Signs Business Partnership Agreement

Conversion EV Hijet (Fixed Type) Battery Case

Dogan Co., Ltd. (Headquarters: Fukuoka City, Fukuoka Prefecture; President and CEO: Daisuke Mori; hereinafter "the Company") announces that the Dogan MGX Investment Business Limited Partnership (short name: Dogan MGX Fund; hereinafter "the Fund"), which was established and is operated to invest in businesses contributing to decarbonization, has completed an investment in AZAPA Co., Ltd. (Headquarters: Nagoya City, Aichi Prefecture; President and CEO: Yasuhiro Kondo; hereinafter "AZAPA") and signed a business partnership agreement with the company.

AZAPA operates under the mission of "creating inspiring and impactful solutions together with partners who challenge the limits." In the automotive industry, AZAPA has established a unique position as a co-creation partner to automakers, known as "Tier 0.5," and leads the design and development of vehicles and other automotive systems through advanced model-based development. In recent years, AZAPA has promoted the concept of "sector coupling," which integrates mobility (EVs) with energy systems to optimize local resource allocation. The company is also developing conversion EVs (electric vehicles converted from gasoline-powered vehicles), swappable batteries, and off-grid charging stations.

To date, AZAPA has advanced social implementation of regional problem-solving models through collaborations with entities such as Ishigaki City in Okinawa Prefecture, including the deployment of the off-grid charging station "E-STATION," which supports local renewable energy consumption and serves as an emergency power source during disasters, as well as pilot operations of battery-swapping EV systems. The investment from the Fund will be used to further accelerate initiatives such as converting gasoline vehicles to EVs and expanding battery-related businesses.

Simultaneously with the investment, the Fund has entered into a business partnership agreement with AZAPA. Through this partnership, the two parties will collaborate with local governments, including in Kyushu and other regions, to expand the "local community × decarbonization" implementation model. They will also work together with the Fund, the Company, and their affiliated enterprises to commercialize projects such as vehicle electrification (conversion EVs) and battery stations.

Through the Fund, the Company will support AZAPA's growth in advancing electrification and decarbonization in the mobility sector, contributing to regional economic development and the realization of carbon neutrality.

[Overview of Investee Company]

Company Name: AZAPA Co., Ltd.

Headquarters: 2-4-15 Nishiki, Naka-ku, Nagoya City, Aichi Prefecture

Representative: Yasuhiro Kondo

Business Activities: Automotive design and development, EV conversion (conversion EVs), battery-related businesses, development and operation of off-grid charging stations, etc.

Website: https://azapa.co.jp

Inquiries regarding this matter Dogan Co., Ltd. https://www.dogan.jp/

3F, Omina-cho Building, 2-12-8 Daimyo, Chuo-ku, Fukuoka City 810-0041

E-mail: [email protected] TEL: 092-739-2311 (General) FAX: 092-739-2317 (Contact: Ninomiya, Kosaku)