Corvus Energy, Nesttun, Norway, the global leading supplier of zero-emission solutions for the maritime industry, has signed a Joint Venture Agreement with Sumitomo Corporation, Tokyo, Japan.
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 for not only Japanese coastal vessels, but also ocean-going vessels leveraging the customer network of Sumitomo Corporation cultivated through its vessel trading business and vessel-owning business. The joint venture Sumisho Corvus Energy Co., Ltd. will be effective from April 2021.
About Corvus Energy
Corvus Energy is the leading supplier of energy storage systems (ESS) for maritime, offshore, subsea and port applications. Corvus Energy offers a full portfolio of ESS suitable for almost every vessel type, providing high power energy storage in the form of modular lithium-ion battery systems. The purpose-built, field-proven battery systems provide sustained power to hybrid and all-electric heavy industrial equipment, including large marine propulsion drives. Corvus Energy has unsurpassed experience from 400+ projects, totaling over 300 MWh and more than 3 million operating hours. Recently the company launched their hydrogen fuel cell initiative for maritime applications with world leader on fuel cell technology, Toyota Corporation.
About Sumitomo
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 132 locations (Japan: 22, Overseas: 110) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.