Sustainable Battery Solutions, Inc entered into a definitive agreement to acquire majority stake in energy storage devices and systems business from Showa Denko Materials Co., Ltd. on July 8, 2021. Under the terms of transaction, Sustainable Battery Solutions, Inc will acquire 0.15 million shares of Energy System Service Japan Co., Ltd., 73.9 million shares of CSB Energy Technology Co., Ltd and 97.9% stake in Thai Energy Storage Technology Public Company Limited (i.e. 40.6 million shares). As of March 31, 2021, the business reported total assets of ?139.5 billion. The transaction is subject to Sustainable Battery Solutions obtaining the clearances and licenses necessary under the domestic and international competition laws and other laws and regulations. The transaction is expected to be completed by December 1, 2021. Citi acted as financial advisor to Advantage Partners and Tokyo Century Corporation, parent of Sustainable Battery Holdings in the transaction.