Idemitsu Kosan (5019) Japan’s Oil Giant Betting $12B on Solid-State Batteries, SAF, and AI Immersion Cooling

Idemitsu Kosan Co., Ltd. is a leading Japanese comprehensive energy and materials company guided by its core philosophy of "Respect for Human Beings" and "Truly Inspired". The company operates globally across foundational sectors such as fuel oils and basic chemicals, alongside high-performance materials—including OLED materials and lithium solid electrolytes—power, renewable energy, and resources. Leveraging its extensive technological expertise, Idemitsu ensures a stable energy supply while actively driving business portfolio transformation. In collaboration with strategic partners like Toyota Motor Corporation, the company is accelerating the commercialization of solid electrolytes for all-solid-state batteries, alongside low-carbon initiatives such as Sustainable Aviation Fuel (SAF) and chemical recycling of used plastics to advance a carbon-neutral future.

Under its FY2026–2030 Medium-Term Management Plan, Idemitsu plans a total 5-year investment of 1.8 trillion yen, allocating 830 billion yen to GRIT (existing business foundation) and 810 billion yen to GROWTH & CNX (growth and decarbonization). Key focus areas include reinforcing stable refinery operations and accelerating the commercialization of solid electrolytes for all-solid-state batteries and SAF. Financially, Idemitsu targets an adjusted EBT of 360 billion yen, an ROE of 13%+, an ROIC of 7%+, and a total payout ratio of 50%+ by FY2030.

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