RENOVA Inc. announced that it has entered into Capital and Business Alliance Agreement with new investor Tokyo Gas Co., Ltd. to issue 11,877,600 common shares at an issue price of ¥1,500 per share for the gross proceeds of ¥17,816,400,000 on April 1, 2024. The transaction has been approved by the shareholders of the company and is expected to close on April 17, 2024. The company has disclosed the issue expenses of ¥70,000,000 and the net proceeds of ¥17,816,400,000.

Post completion; the investor will acquire 13.04% stake in company.