New venture to bring Corvus to Asian market

The new company, Sumisho Corvus Energy Co., will carry out sales activities for not only Japanese coastal vessels, but will also give access to Sumitomo Corporation’s customer network of ocean-going vessels cultivated through its vessel trading and owning business.

Headquartered in Tokyo, Sumisho Corvus Energy will have a capital of 100 million yen and be owned 50/50 by Sumitomo Corporation and Corvus Energy.

Geir Bjørkeli, chief executive of Corvus Energy said the company was delighted to partner with Sumitomo Corporation. “It is one of the world’s largest traders of goods and services across many sectors and, through its operations, is leading the world’s development and contributing broadly to society,” he said.

“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,” he added.

The two companies have been conducting market research and sales expansion activities for maritime energy storage systems in Japan and Asia since 2019. The joint venture will be effective from April 2021.