MOL to invest in US developer of marine battery systems

MOL PLUS, the investment division of Japanese shipping company Mitsui O.S.K. Lines (MOL), has decided to invest in Fleetzero (FZ), a US developer and manufacturer of marine battery systems and EV vessels.

As explained, Fleetzero is working on the development of battery systems intended for the maritime industry with the goal of providing carbon-neutral solutions to replace fossil fuels.

MOL PLUS, together with Fleetzero, plans to promote the installation of battery systems on MOL Group vessels.

Moreover, to accelerate social implementation, the company will engage maritime stakeholders, especially in Asia, to support FZ’s entry into the Japanese market.

The move comes as part of MOL’s contribution to promoting decarbonization through the early conversion of vessels to electric vessels.

Last year, MOL signed a Memorandum of Understanding (MoU) with Pyxis Maritime to collaborate on the joint development and marketing of the electric vessels business in the Singapore region.

The partners pledged to work on the development, as well as marketing for the expansion of electric vessel introduction in Japan to contribute to achieving zero emissions in the shipping industry.

Pyxis recently launched its first 100% electric passenger vessel, X Tron. The battery-powered vessel has a range of up to 50 nautical miles and will operate out of Marina South Pier.