MOL Establishes ‘MOL Switch' in U.S. to Invest in Decarbonization Technologies
Mitsui O.S.K. Lines, Ltd. (MOL”) has announced that it has established a wholly, indirectly owned, new company in the U.S., called MOL Switch LLC (“MOL Switch”), to invest in startups developing decarbonizing technologies in the energy sector. MOL Switch will invest a total of $100 million over the next three years.
MOL Switch aims to access innovation, build new networks, explore new business opportunities, and expand their human capital by investing in startups developing technologies and business models that help decarbonize their group companies. MOL Switch will invest in the climate tech 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 has 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 their resources and to realize decarbonization for their group companies and for society.