Sumitomo, Corvus Energy form a joint venture for ESS

Japan’s Sumitomo and Norway’s Corvus Energy have agreed to establish a company named Sumisho Corvus Energy to sell ESS and provide maintenance service mainly in the Japanese market.

Sumisho Corvus Energy company is planned to be established in April 2021, with headquarters in Tokyo. It is owned 50 per cent by Corvus Energy and 50 per cent by Sumitomo Corporation, with a capital of 100 million yen.

The joint venture will sell ESS that Corvus Energy made, and provide technical support to customers.

In response to the International Maritime Organization’s (IMO) strategy on the reduction of GHG emissions from ships, the shipping industries are required to replace their fuels with more environment-friendly alternatives and to introduce equipment that helps reduce their GHG emissions.

An energy storage system (ESS), a device combining a storage battery system with an electric power control system which stores electrical energy, is expected to improve the fuel efficiency of large ocean-going ships in combination with existing fuels (oil and gas) and with next-generation fuels (ammonia and hydrogen), contributing to zero GHG emissions as a power source for small fully electric coastal ships.

Corvus Energy, a Norwegian supplier of EES, is capable of developing ESS for a range of maritime applications, including for use in port equipment as well as for use in various ship types like container and cruise ships. In 2020, Corvus Energy excessed an over 50 per cent share in the world market of ESS for maritime applications.

Both companies have been conducting market research and sales promotion activities in Japan and in the Asian region since 2019.

The new company will conduct sales activities targeting both coastal and ocean-going ships by making use of Sumitomo Corporation’s customer network.

One of the goals of the new company is to contribute to the low-carbonisation and de-carbonisation of the Japanese maritime industry.