Nippon Denkai
Japanese manufacturer of high-performance electrolytic copper foil for automotive batteries and circuit boards, rebuilt under MUFG sponsorship after a 2024 civil rehabilitation.
Last updated September 29, 2026
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Overview
Nippon Denkai, Ltd. is a Japanese manufacturer specializing in electrolytic copper foil, a critical material for lithium-ion batteries in electric vehicles and for printed circuit boards used in mobile communications equipment and base stations. The company traces its origins to October 1958, when it was established in Kyoto as a joint venture among Kōsoku Denki Chūzō, Hitachi, Ltd., and Sumitomo Bakelite. Over the following decades it built a reputation for stable supply of high-quality, durable copper foil, becoming an affiliate of Hitachi Chemical in 1963 and expanding with plants in Kyoto, Shimodate (Ibaraki), and Fujieda (Shizuoka). It began producing automotive battery copper foil in 1998 and circuit-board copper foil in 2002. A second-generation corporate entity, originally named MSD Corporate Investment, was formed in June 2016 with capital from Mitsui & Co., Sumitomo Mitsui Banking Corporation, and the Development Bank of Japan. Renamed Nippon Denkai Holdings in 2017 and then Nippon Denkai in 2019, it absorbed the original company in October 2019. In March 2020 it acquired Oak-Mitsui Inc. (later Denkai America Inc.) in the United States, and in June 2021 it listed on the Tokyo Stock Exchange Mothers Market (securities code 5759). For the fiscal year ended March 2022, sales were approximately ¥15.281 billion. However, the company faced mounting difficulties: the global semiconductor shortage, reduced domestic battery exports following the U.S. Inflation Reduction Act, declining smartphone demand, COVID-19 impacts, weak demand for export-cell copper foil, rectifier failures that reduced circuit-board foil sales, persistent losses at Denkai America, and soaring copper prices. In January 2024 it formed a capital and business alliance with Taiwan's Lee Chang Yung Technology, and in June 2024 it received about ¥1 billion from top shareholder Tex Technology. No rescue sponsor was ultimately found. On November 27, 2024, Nippon Denkai filed for civil rehabilitation at the Tokyo District Court, and on December 9, 2024, the court granted the commencement of rehabilitation proceedings. Liabilities totaled ¥14.761 billion. The company was delisted from the Tokyo Stock Exchange Growth Market on December 28, 2024. On March 7, 2025, MUFG Strategic Investment, a subsidiary of MUFG Bank, was selected as rehabilitation sponsor. A contract was signed to transfer Nippon Denkai's businesses to MUSTI ONE, a company funded by MUFG Strategic Investment, effective April 1, 2025. The business was transferred to a new Nippon Denkai (third generation), which was renamed from MUSTI ONE on the same date. The old company changed its name to Chikusei Sangyo Co., Ltd. on August 29, 2025, and continues civil rehabilitation proceedings. The new Nippon Denkai, led by President Noriaki Yukawa, aims to support next-generation social infrastructure through electrolytic copper foil, contributing to a decarbonized society as electric vehicles and high-speed communication networks spread.
History
Nippon Denkai's history spans three corporate generations. The first-generation company was established in October 1958 in Shimogyo-ku, Kyoto, as a joint venture among Kōsoku Denki Chūzō, Hitachi, Ltd., and Sumitomo Bakelite. It opened the Kyoto Plant in January 1969 (though the plant later ceased operations in November 1985), the Shimodate Plant in Ibaraki Prefecture in July 1961, and the Fujieda Plant in Shizuoka Prefecture in January 1983 (closed September 2002). In April 1963 it became an affiliate of Hitachi Chemical. The company began manufacturing and selling electrolytic copper foil for automotive batteries in June 1998 and for circuit boards in December 2002. In January 2002 it moved its head office to Shimodate, Ibaraki. On October 1, 2019, it was absorbed by Nippon Denkai Holdings and dissolved. The second-generation entity was established on June 17, 2016, as MSD Corporate Investment with funding from Mitsui & Co., Sumitomo Mitsui Banking Corporation, and the Development Bank of Japan. It changed its name to Nippon Denkai Holdings in April 2017 and then to Nippon Denkai on October 1, 2019, simultaneously absorbing the first-generation company. In March 2020 it acquired Oak-Mitsui Inc. (renamed Denkai America Inc.) as a subsidiary. On June 25, 2021, it listed on the Tokyo Stock Exchange Mothers Market under securities code 5759. For the fiscal year ended March 2022, sales were approximately ¥15.281 billion. From 2022 onward, the business environment deteriorated sharply. The global semiconductor shortage, the U.S. Inflation Reduction Act's impact on domestic battery exports, declining smartphone demand, COVID-19 effects, weak demand for export-cell copper foil, rectifier failures reducing circuit-board foil sales, chronic losses at Denkai America, and soaring copper prices all weighed on earnings. In January 2024 the company formed a capital and business alliance with Taiwan's Lee Chang Yung Technology and sought funding through new share warrants. In June 2024 it signed a capital and business alliance with top shareholder Tex Technology and received about ¥1 billion in investment. Despite searching for a rescue sponsor, none was found. On November 22, 2024, it ranked second in Diamond Weekly's "Steel & Metal 22 Companies Bankruptcy Risk Ranking." On November 27, 2024, it decided to dissolve and liquidate Denkai America Inc.; anticipating that most loans would become uncollectible and that additional large extraordinary losses would push it into insolvency, it filed for civil rehabilitation at the Tokyo District Court the same day. On December 9, 2024, the court granted the commencement of civil rehabilitation proceedings, with liabilities of ¥14.761 billion. The company was delisted from the TSE Growth Market on December 28, 2024. On March 7, 2025, MUFG Strategic Investment, a subsidiary of MUFG Bank, was selected as civil rehabilitation sponsor. A contract was signed to transfer Nippon Denkai's businesses to MUSTI ONE, a company funded by MUFG Strategic Investment, effective April 1, 2025. The businesses were transferred to a new Nippon Denkai (third generation), which was renamed from MUSTI ONE on the same date. The old company changed its name to Chikusei Sangyo Co., Ltd. on August 29, 2025, and continues civil rehabilitation proceedings. The new Nippon Denkai, led by President Noriaki Yukawa, aims to support next-generation social infrastructure through electrolytic copper foil and contribute to a decarbonized society.
First-generation company established in Kyoto as a joint venture among Kōsoku Denki Chūzō, Hitachi, Ltd., and Sumitomo Bakelite.
Shimodate Plant opened in Ibaraki Prefecture.
Became an affiliate of Hitachi Chemical.
Kyoto Plant opened.
Fujieda Plant opened in Shizuoka Prefecture.
Kyoto Plant ceased operations.
Began manufacturing and selling electrolytic copper foil for automotive batteries.
Head office moved to Shimodate, Ibaraki Prefecture.
Fujieda Plant ceased operations.
Began manufacturing and selling electrolytic copper foil for circuit boards.
Products and positioning
Technology-oriented manufacturer of high-performance electrolytic copper foil supporting next-generation social infrastructure, electric vehicles, and decarbonization.
Electrolytic copper foil for automotive batteries
Used in lithium-ion batteries for electric vehicles.
Electrolytic copper foil for circuit boards
Used in mobile communication devices and base stations.
Electrolytic copper foil for semiconductor packages
High-quality, high-function copper foil for semiconductor packaging.
Electrolytic copper foil for PDP electromagnetic shielding
Copper foil for plasma display panel electromagnetic shielding.
Composite foil for interlayer connection substrates using copper bumps
Composite foil for interlayer connection substrates.
Sources6 sources
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