TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that it has established its wholly indirectly owned new company in the USA, called MOL Switch LLC (‘MOL Switch’) to invest in startups developing decarbonizing technologies in the energy sector. MOL Switch will invest USD 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. MOL Switch will invest in the Climate Tech (Note 1) field, including technologies related to next-generation clean energy, carbon removal, and storage batteries.
MOL positions the environmental strategy as one of the main strategies in its new management plan, “BLUE ACTION 2035” and set a group-wide goal of achieving Net Zero Emissions by 2050 under “MOL Group Environmental Vision 2.2.” 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.
(Note 1) Climate Tech is defined as technologies that are focused on reducing GHG emissions or addressing the impacts of climate change.
Shipping News You Would Like:
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Latest Shipping News You Would Like:
Get the Latest Maritime News Delivered to Your Inbox!
Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.