Mitsui takes minority stake in WETech

The investment was marked by a ceremony held in Vaasa in Finland on 1 September 2023. The agreement will make Mitsui a significant minority shareholder in WE Tech. Under the terms of a separate agreement, Mitsui has also been appointed as an exclusive agent for WE Tech’s solutions in the Japanese market.

WE Tech specialises in supplying solutions based on DC-link power distribution, variable speed power generation, energy storage and energy management systems.

“By seamlessly integrating WE Tech’s innovative solutions with Mitsui’s operational excellence, the partnership aims to accelerate the adoption of sustainable practices and technologies across the maritime domain,” WE Tech’s CEO Mårten Storbacka said. “The partnership will [also] strengthen WE Tech’s position in the Japanese market.” 

Mitsui noted that the cooperation agreement also underlines Mitsui’s commitment to Global Energy Transition, which is one of its growth strategies in its medium-term management plan for 2026, and represents a contribution to the promotion of decarbonisation in the shipping industry.

“We believe that by combining our presence in the global shipping market and WE Tech’s innovations, we are confident to enhance the growth of WE Tech and even to catalyse the transformation of Japanese shipping industry into a model of environmental responsibility,” stated Akihito Hamada, General Manager, Transportation & Machinery Business Div. I.