Japanese Joint Venture for Zero-Emissions Ships
Corvus Energy, the global leading supplier of zero-emission solutions for the maritime industry, has signed a Joint Venture Agreement with Sumitomo Corporation.
The Joint Venture will do marketing, sales, and after-service for Corvus Energy’s battery systems and fuel cell systems in Asian market, mainly in Japan.
The new company, Sumisho Corvus Energy Co., Ltd., will have a capital of 100 million yen and be owned 50% by Sumitomo Corporation and 50% by Corvus Energy. The headquarters will be in Tokyo.
“We are delighted to partner with Sumitomo Corporation. Sumitomo Corporation is one of the world’s largest traders of goods and services across many sectors and, through their operations, they are leading the world’s development and contributing broadly to society,” says Geir Bjørkeli, CEO of Corvus Energy.
“The future of shipping is zero emissions of CO2, NOx, SOx and particulates, dramatically reducing environmental impact. Japan is an important market for Corvus Energy and a big part of our future growth strategy,” Bjørkeli continues. “Japan has already announced ambitious plans to become carbon neutral by 2050, and Sumitomo will be a valuable partner bringing zero-emission solutions to the Asian market.”
Sumitomo Corporation and Corvus Energy have been conducting market research and sales expansion activities for maritime energy storage systems (ESS) in Japan and Asia since 2019. Sumisho Corvus Energy Co., Ltd. will sell Corvus Energy’s ESS and provide technical support after the delivery. Sumisho Corvus Energy Co., Ltd. will carry out sales activities not only for Japanese coastal vessels, but also for ocean-going vessels leveraging the customer network of Sumitomo Corporation cultivated through its vessel-trading and vessel-owning businesses. The joint venture Sumisho Corvus Energy Co,. Ltd. will be effective on and after April 2021.