SYLA Solar to absorb renewable data center company in move to leverage business strength

TOKYO, July 01, 2024 (GLOBE NEWSWIRE) -- SYLA Solar Co., Ltd. (Head Office: Nagoya, Aichi; CEO: Takeshi Fuchiwaki; hereinafter “SYLA Solar”), a wholly owned subsidiary of SYLA Technologies Co., Ltd. (Head office: Shibuya-ku, Tokyo; CEO: Hiroyuki Sugimoto; NASDAQ “SYT”), operator of the largest membership real estate crowdfunding platform in Japan, Rimawari-kun, absorbed and merged with SYLA Biotech Corporation (Head office: Shibuya-ku, Tokyo; CEO: Makoto Ariki), effective on July 1^st, 2024.

About Absorption-Style Merger
SYLA Technologies is focusing on advancing its renewable energy business as a part of growth strategy to achieve its mid-term sales targets by the end of fiscal year 2026.

With strong subsidy support from the Ministry of Economy, Trade and Industry, the company's main thrust is the development of solar power sources, aiming to further grow its business and enhance corporate value.

SYLA Solar is engaged in the development of solar power generation, EPC (Engineering, Procurement, and Construction) services, and retail electricity sales, thereby supporting the overall renewable energy business of the group. SYLA Biotech sells and operates 100% renewable energy data centers, contributing to reducing environmental impact.

With this absorption merger on July 1^st , 2024, with SYLA Solar is the surviving company and SYLA Biotech is absorbed company. Since both companies are 100% subsidiaries of SYLA Technologies, this merger is executed as a non-monetary transaction without issuance of new shares.

Surviving Company
SYLA Solar Co., Ltd.
Head Office: Land Square Marunouchi 2F, 2-18-14 Marunouchi, Naka-ku, Nagoya, Aichi, JP
Representative Director: Takeshi Fuchiwaki
Establishment: August 2013
Capital: 46,000,000 yen

Extinct Company
SYLA Biotech Co., Ltd.
Head Office: Ebisu Prime Square Tower 7F, 1-1-39 Hiroo, Shibuya-ku, Tokyo, JP
Representative Director: Makoto Ariki
Establishment: April 2022
Capital: 5,000,000 yen

Contact for Inquiries about Leases
Management Company: SYLA Co., Ltd.
Tel: +81-3-4560-0653 (direct line 3)
E-mail: chintai@syla.jp

SYLA Technologies Company Contact
Takeshi Fuchiwaki
Director, Chief Growth Officer
irpr@syla.jp

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91da7edc-0de7-455b-8f8b-7969f9df7d15