erex Co., Ltd.

Signed an MOU with Vinacomin Power Holdings of Vietnamto Explore the Commercialization of Biomass Co-Firing
ー Moving to the Commercialization Stage Based on the Results of Co-Firing Tests at Two Power Plants toward Realizing a Decarbonized Society ー

　erex Co., Ltd. (Head Office: Chuo-Ward, Tokyo; Representative Director & President: Hitoshi Honna; hereinafter “the Company”) announces that it has signed a Memorandum of Understanding (hereinafter “the MOU”) with Vinacomin Power Holdings (Head Office: Hanoi, Vietnam; General Director & CEO: Bùi Minh Tân; hereinafter “Vinacomin Power”) on April 16^th 2026 to jointly study the commercialization of biomass co-firing at Vinacomin Power’s existing coal-fired power plants.

　The MOU builds upon the results of co-firing tests conducted jointly by the Company and Vinacomin Power at the Na Duong and Cao Ngan power plants, moving the project into the commercialization study phase.

1. Initiatives to Date and Background
　In Vietnam, where electric power demand is increasing at an annual rate of about 10%, approximately half of the country’s power generation relies on coal-fired power. Furthermore, Vietnam has declared its goal of carbon neutrality by 2050, and its 8^th National Power Development Plan includes a policy to start co-firing with biomass, ammonia, and other fuels at coal-fired power plants that have been in operation for 20 years or more. Co-firing with these fuels contributes to reducing CO2 emissions and improving energy self-sufficiency, and biomass fuel in particular can be sourced domestically.

　The Company and Vinacomin Power conducted biomass co-firing tests (hereinafter “the Co-Firing Tests”) at two existing coal-fired power plants owned by Vinacomin Power during 2025–2026, achieving favorable results in both cases. The Co-Firing Tests were conducted based on a memorandum of understanding regarding biomass co-firing with coal-fired power, etc., signed in September 2022 with Vinacomin Power, a subsidiary of the state-owned Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin) of Vietnam, and its addendum (signed on June 17, 2025). Furthermore, on March 11, 2025, the project was selected for the FY2025 Resource-Rich Country Decarbonization and Energy Conversion Technology Support Program by the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry, and received the grant decision on April 15, 2025. This subsidy was utilized in the Co-Firing Tests.

■　Co-Firing Tests that Have Already been Conducted

The Company believes that these results demonstrate that there is significant potential for the commercialization of co-firing utilizing the abundant biomass resources available in Vietnam.

2. Purpose and Overview of the MOU
　Following the results of the Co-Firing Tests, the two companies have entered into the MOU to move into the commercialization study phase.

The contents of the MOU are as follows:

3. Future Developments
　The two companies will conduct research on the technical and economic aspects and propose mechanisms, continuing to cooperate closely to study the feasibility of commercialization. Furthermore, the Company aims to start biomass co-firing business (20-30% co-firing ratio) for coal-fired power plants in Vietnam from fiscal year 2026. In addition, through these activities, the Company aims to contribute to Vietnam’s goal of achieving carbon neutrality by 2050 and improving its energy self-sufficiency rate.

■The Company’s Overseas Business
　The Company is promoting business developments toward decarbonization, such as the construction of biomass power plants in Vietnam and Cambodia. The Company believes that this will not only contribute to the decarbonization of both countries, but also to improving energy self-sufficiency rate and creating jobs.

【Major Initiatives of the Company’s Overseas Business】

■ Contact
erex Co., Ltd. / IR&PR Department
TEL：+81-3-3243-1167
E-mail：ir.info@erex.co.jp