Mitsui O.S.K. Lines has established a new US-based subsidiary with a $100 million war chest to invest in startups developing decarbonising technologies for the energy sector.
MOL Switch will be a wholly indirectly owned company, with the aim of investing its funds in a range of businesses within the next three years.
The firm will invest in the Climate Tech field, including technologies related to next-generation clean energy, carbon removal, and storage batteries that can help to decarbonise MOL’s group companies and our wider society.
MOL has already set a group-wide goal of achieving Net Zero Emissions by 2050 and aims to multiply its efforts by combining new ideas and technologies from startups with its own resources.
In related news, MOL and its logistics group companies in Hong Kong have been selected as the first overseas group to become a partner in the e-Smart Port Platform Prototype Project, a Hong Kong government initiative to develop Hong Kong’s port community systems.
The Japanese shipping group has signed a memorandum of understanding (MoU) with the Logistics and Supply Chain MultiTech R&D Centre (LSCM), the Hong Kong government-subsidised technology research organisation implementing this project, indicating its support.
MOL and its group companies will provide information on actual logistics conditions and other data in Hong Kong to LSCM for the project, which aims to identify opportunities to improve the operational efficiency of Hong Kong as a logistics hub.
