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CORVUS AND SUMITOMO ANNOUNCE JOINT VENTURE FOR ZERO-EMISSION SHIPS

CORVUS AND SUMITOMO ANNOUNCE JOINT VENTURE FOR ZERO-EMISSION SHIPS

Friday, April 23, 2021 

Corvus Energy has signed a Joint Venture Agreement with Sumitomo Corporation, which will provide marketing, sales and service support for Corvus Energy’s battery systems and fuel cell systems in the Asian market, mainly in Japan.

A new company, Sumisho Corvus Energy Co, has been established with a capital of 100m yen, owned 50% by Sumitomo Corporation and 50% by Corvus Energy. The headquarters will be in Tokyo.

Geir Bjørkeli, CEO Corvus Energy, said: “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. 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. 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. Sumisho Corvus Energy Co will sell Corvus Energy’s ESS and provide technical support after the delivery, and 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.

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