Rinnai Corporation (Headquarters: Nagoya City, Aichi Prefecture; President: Hiroyasu Naito) announced that its subsidiary, Rinnai Australia Pty., Ltd. (Headquarters: Victoria, Australia; Managing Director: Lucas van Raay), acquired energy product sales company Smart Energy Group Pty., Ltd. (Headquarters: New South Wales, Australia) and the latter's two affiliated companies (collectively, "Smart Energy") on August 1, 2024.
Smart Energy is a leading home energy product sales company specializing in photovoltaic and battery storage systems. In Australia, the adoption of solar power is accelerating rapidly, driven by the national commitment to carbon neutrality, and the rate of solar power systems installations in detached homes is soaring. Given market conditions, national policies, and other relevant factors, Rinnai Australia has for some time been considering the integration of photovoltaic into its operations. With the aforementioned acquisition, Rinnai Australia aims to diversify its operations and establish a robust presence in the renewable energy sector, complementing its traditional focus on gas appliances. This will be Rinnai Group's first venture into photovoltaic, representing a key step in expanding its business scale as outlined in its medium-term business plan.
