Japanese shipping major Mitsui O.S.K. Lines has decided to invest in startups that are developing decarbonisation technologies in the energy sector.
For this purpose, the company announced that it has established its wholly indirectly owned new company in the USA, called MOL Switch. The subsidiary plans to invest $100 million in total over the next 3 years.
MOL Switch aims to access innovation, build new networks, explore new business opportunities, and expand our human capital by investing in startups developing technologies and business models that help decarbonize our group companies and society.
The division wants to invest in the Climate Tech field, including technologies related to next-generation clean energy, carbon removal, and storage batteries. Climate Tech technologies are focused on reducing GHG emissions or addressing the impacts of climate change.
“Through the investment activities by MOL Switch, MOL group aims to create a new added value by combining the new ideas and technologies of the startups with our resources and to realize decarbonization not only for our group companies but also society,” the company stated.
The move is part of MOL’s decarbonisation commitment and net-zero strategy. The company has set a group-wide goal of achieving net-zero emissions by 2050. One of the goals is to deploy about 110 net zero-emission oceangoing vessels by 2035.
As part of the company’s target to promote wide adoption of clean energy, the Japanese carrier also intends to deploy 90 liquefied natural gas- (LNG) powered vessels by 2030 , excluding LNG carriers.
Recently, the firm marked a milestone, with its LNG-fuelled ferry Sunflower Kurenai, the first of Japan’s two LNG-fueled ferries, entering service.