Corvus Energy has signed a joint venture agreement with Sumitomo Corporation that will cover marketing, sales and afterservice for Corvus Energy’s battery and fuel cell systems for the Asian market, primarily Japan.
The new company, Sumisho Corvus Energy Co, will be owned 50% by Sumitomo Corporation and 50% by Corvus Energy and be headquartered 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,” said 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 continued.
“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. The new company 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.