Energy Economy

22 Apr 2021

Sumitomo and Corvus Energy form Maritime ESS Joint Venture

22 Apr 2021  by   

Japanese trading house giant Sumitomo Corporation and Norwegian energy storage systems (ESS) specialist Corvus Energy have established a Tokyo-based joint venture to sell ESS and provide the related maintenance service mainly in the Japanese market.

The newly established Sumisho Corvus Energy will target coastal and ocean-going ships using Sumitomo’s customer network built through its ship-trading and ship-owning businesses. The company will have a capital of approximately $1m and be owned 50% by Sumitomo Corporation and 50% by Corvus Energy.

With this move, Sumitomo said it aims to contribute to the low-carbonisation and de-carbonisation of Japanese maritime industry, while also working to create a new environment-friendly business in the maritime shipping and logistics field.

Corvus Energy has already provided its ESS for 400 or more projects, and in 2020 excessed an over 50% share in the world market of ESS for maritime applications.

“Japan is an important market for Corvus Energy and a big part of our future growth strategy,” said Geir Bjørkeli, CEO of Corvus Energy. “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.”

ESS is expected to improve the fuel efficiency of large ocean-going ships in combination with existing fuels, such as heavy oil and gas, and with next-generation fuels, such as ammonia and hydrogen, and also to contribute to zero GHG emissions as a power source for small fully electric coastal ships.

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