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.