We are delighted to announce our latest partnership with Mitsui O.S.K. Lines, a Japanese shipping conglomerate with a global fleet of over 800 vessels. MOL are investing directly in Carnot, becoming our latest shareholder and partner for the maritime industry.
Signing Ceremony at MOL (Europe Africa) Ltd London Office, with the Carnot Team and Mr Toshinobu Shinoda – MOL Senior Managing Executive Officer, Alex Green – Deputy General Manager, Go Sakaguchi – Director & Regional Head, Atsushi Yaginuma – General Manager Technical and Yosuke Yamada – Manager.
As part of the collaboration, Carnot and MOL are co-developing a Maritime Auxiliary Power Unit (APU), optimised for the MOL fleet and aligned with their decarbonising strategy. This includes using Carnot’s high-efficiency engine technology to reduce fuel consumption and emissions whilst utilising our fuel-agnostic capabilities to adopt different decarbonised fuels including ammonia, methanol and LNG.
Archie Watts-Farmer, Carnot’s CEO, commented on the new investment deal: “A key part of our strategy is forming partnerships with major end users to accelerate our route to market. In MOL we have, without question, found the perfect partner who aligns with our goals and understands our technology. We look forward to working together to develop a world-leading solution and drive the maritime industry towards decarbonisation”.
MOL Group has placed initiatives to address sustainability issues at the core of its Blue Action 2035 management plan, aiming to achieve sustainable growth that addresses social and environmental issues. Through its investment in Carnot, the group aims not only to reduce greenhouse gas (GHG) emissions and pursue economic efficiency in its operated vessels, but also to contribute to GHG reductions in the shipping industry and other industries that rely on internal combustion engines.
MOL’s Blue Action plan is at the forefront of sustainably decarbonising Maritime
Alex Green, Deputy General Manager at MOL added: “We are thrilled to be working with Carnot. The best energy is the energy we do not use and critically, Carnot can bring us that efficiency whatever fuel we decide to use”
MOL is also investing directly into Carnot and becoming the latest shareholder. The MOL funding is anchoring a wider fundraising round, supported by existing investors and £5.3m in UK Government grants. These funds will be used to build a new test site for Carnot engines and deliver field trials of Carnot technology over the next 18 months. This includes the UK’s first hydrogen APU sea trial demonstrator early next year.
