Japan's MOL establishes US unit to invest in decarbonisation tech
SUMMARY
MOL Switch plans to invest a total of $100mn over the next three years.
By Shardul SharmaJapan’s Mitsui O.S.K. Lines (MOL) has established a new company in the US called MOL Switch, with the purpose of investing in startups that develop decarbonising technologies in the energy sector, the company said on May 31. MOL Switch plans to invest a total of $100mn over the next three years.
According to MOL, the objective of MOL Switch is to access innovation, establish new networks, explore business opportunities, and enhance human capital by investing in startups that focus on developing technologies and business models to decarbonise MOL's group companies and society as a whole.
The company will specifically invest in the climate tech field, including technologies related to next-generation clean energy, carbon removal, and storage batteries.
MOL said it has prioritised environmental strategy as a key component of its new management plan, ‘Blue Action 2035’, and has set a group-wide goal of achieving net zero emissions by 2050.
