TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that it has established its wholly indirectly owned new company in the USA, called MOL Switch LLC (‘MOL Switch’) to invest in startups developing decarbonizing technologies in the energy sector. MOL Switch will invest USD 100 million in total over the next 3 years.
MOL Switch aims to access innovation, build new networks, explore new business opportunities, and expand our human capital by investing in startups developing technologies and business models that help decarbonize our group companies and society. MOL Switch will invest in the Climate Tech (Note 1) field, including technologies related to next-generation clean energy, carbon removal, and storage batteries.
MOL positions the environmental strategy as one of the main strategies in its new management plan, “BLUE ACTION 2035” and set a group-wide goal of achieving Net Zero Emissions by 2050 under “MOL Group Environmental Vision 2.2.” Through the investment activities by MOL Switch, MOL group aims to create a new added value by combining the new ideas and technologies of the startups with our resources and to realize decarbonization not only for our group companies but also society.
(Note 1) Climate Tech is defined as technologies that are focused on reducing GHG emissions or addressing the impacts of climate change.