Corvus and Sumitomo sign JV deal to expand Asian ESS sales

Corvus Energy, a leading supplier of zero-emission solutions for the maritime industry has signed a Joint Venture Agreement with Sumitomo Corporation to cover marketing, sales and after-service for Corvus Energy’s battery systems and fuel cell systems in Asian market, mainly in Japan.

The new company, Sumisho Corvus Energy, will have a capital of 100 million yen and be owned 50% by Sumitomo Corporation and 50% by Corvus Energy. The headquarters will be in Tokyo.

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. Sumisho Corvus Energy will sell Corvus Energy’s ESS and provide technical support after the delivery. The company will also 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.

“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.”

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