New Minami‑Alps chemical plant site alongside a planned 16‑MW green hydrogen electrolyzer installation.
Minami‑Alps City, Yamanashi Prefecture, September 12, 2025
Tri Chemical Laboratories has closed ¥10 billion in financing through a term loan and committed credit line to fund a new production plant in Minami‑Alps City, supporting capacity expansion with limited near‑term fiscal impact. Separately, a major beverage and spirits group is progressing a 16‑megawatt power‑to‑gas electrolyzer in the Southern Alps of Yamanashi to produce green hydrogen for a nearby distillery and water plant. The ¥14 billion project aims to use local renewable electricity for heat, sterilization and vehicle fuel, with construction targeted for completion and verification phases following soon after.
A Tokyo‑listed chemical maker has closed a major financing package to build a production facility in Minami‑Alps City, Yamanashi Prefecture, while a large beverage and spirits group is moving ahead with a 16‑megawatt power‑to‑gas (P2G) green hydrogen system in the same region. The financing and the energy project together signal a wave of industrial investment and low‑carbon energy development in Yamanashi.
Tri Chemical Laboratories Inc. (ticker JP:4369) has executed a term‑loan agreement and a commitment‑line agreement totaling ¥10,000,000,000 to fund construction of a new plant in Minami‑Alps City. The company says the arrangements are intended to secure capital needed for growth and expansion, and it expects minimal impact on current fiscal performance from the financing.
Tri Chemical operates in the chemical sector and focuses on developing and producing chemical products. The company is listed on the Tokyo Stock Exchange Prime Market. Recent market indicators published alongside the financing news include an average trading volume of about 589,417 shares, a technical sentiment signal labeled as Sell, and a market capitalization near ¥83.52 billion. The most recent analyst rating shown is Buy, with a stated price target of ¥3,500.
The funding should allow Tri Chemical to proceed with construction and equip the new plant without altering its near‑term earnings outlook substantially. The commitment line adds flexibility for working capital and project timing, and a term loan supplies the core capital for build‑out. The move fits a broader pattern of mid‑sized manufacturers expanding capacity through targeted project finance rather than equity dilution.
Separately, a major beverage and spirits company has published a mid‑ to long‑term Green Hydrogen Vision and is partnering with Yamanashi Prefecture and nine companies to develop what is described as the Yamanashi Model P2G System. The centerpiece is a 16‑megawatt electrolyzer planned for the forested Southern Alps area that will produce green hydrogen using locally generated renewable electricity.
The project is designed to supply green hydrogen to two nearby operations: a water processing plant in Minami Alps and a distillery in Hakushu. Hydrogen produced by electrolysis will be used to supply process heat for distillation, to sterilize mineral water production lines, and to fuel some facility vehicles. The plan aims to establish a local production for local consumption approach, using renewable power and water sources in the region.
The total cost of the Hakushu P2G project is reported at ¥14,000,000,000. A national subsidy program is expected to cover ¥10,000,000,000 of that total via a public Green Innovation Fund administered by a national energy and industrial technology development body. Project schedules indicate construction completion targeted in 2024, followed by testing and verification in 2025. When running at full capacity, the 16‑MW system is projected to produce enough green hydrogen to meet the annual heat demand of the linked distillery and water plant.
Green hydrogen produced by electrolyzers—machines that split water into hydrogen and oxygen using electricity—is regarded as a pathway to cut industrial emissions where direct electrification is difficult. However, electrolyzers remain relatively costly and large projects require abundant low‑cost renewable electricity to be economically viable. Public funding has been a common tool to help launch demonstration projects and to move technology down a cost learning curve.
The P2G model under development in Yamanashi is being presented as a demonstration of how hydrogen can be integrated across production and distribution chains in a localized energy system. The work complements national policy that identifies hydrogen as a strategic energy vector for creating a low‑carbon society.
For Tri Chemical, the next steps include breaking ground, managing construction milestones, and integrating the new plant into its manufacturing footprint with limited short‑term financial disruption. For the Yamanashi hydrogen project, key upcoming items are construction of the electrolyzer, completion of interconnection and renewable power arrangements, and multi‑year testing to validate operational, environmental, and economic performance.
The financing will fund construction of a new chemical production plant in Minami‑Alps City and provide working capital flexibility tied to the expansion.
The project centers on a 16‑megawatt electrolyzer and is part of a P2G system designed to produce green hydrogen for a distillery and a water plant in the Hakushu area.
The total project cost is about ¥14 billion, with ¥10 billion expected from a national Green Innovation Fund managed by a public energy and industrial technology organization.
Construction for the Yamanashi P2G system is targeted for completion in 2024, with testing and verification expected in 2025. Tri Chemical’s plant timeline will depend on construction schedules following the financing close.
Key challenges include high current costs for electrolyzers, securing large amounts of low‑cost renewable electricity, and developing viable business models for hydrogen supply and use.
Both initiatives aim to reduce emissions: the P2G system replaces fossil‑fuel‑derived heat and fuels with renewable hydrogen, while Tri Chemical’s new plant may enable cleaner production practices depending on its energy sources.
| Topic | Key facts | Timing / Status |
|---|---|---|
| Tri Chemical financing | ¥10,000,000,000 term loan and commitment line for new Minami‑Alps plant; listed on Tokyo Prime Market; market cap ≈ ¥83.52B; analyst rating Buy, target ¥3,500 | Financing executed; construction planning and build‑out to follow |
| Yamanashi P2G system | 16‑MW electrolyzer to produce green hydrogen for a distillery and water plant; total cost ≈ ¥14,000,000,000 with ¥10,000,000,000 public subsidy | Construction targeted for 2024; testing and verification in 2025 |
| Strategic aim | Local production for local consumption of green hydrogen; reduce process emissions and fuel use across supply chains | Mid‑ to long‑term vision with phased implementation and verification |
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