PowerX has raised ¥4.1bn ($32.5m) to fund its project to carry electricity from offshore wind farms to shore in containerised batteries by 2025.
The Japanese power transfer vessel developer’s financing round was co-led by Spiral Capital and Nippon Gas, and also involved the likes of Mitsui & Co. and banks MUFG and Mizuho Capital.
Nippon Yusen Kaisha (NYK) and shipbuilder, Imabari, are also involved in the project, together with class societies DNV and ClassNK. Thay have also joined the first round of fundraising along with PowerX.
TheThe Tokyo-based company has said that it would use the funds for the construction of a battery assembly facility and research and development efforts. It plans to establish a local gigafactory for battery assembly to produce the marine batteries needed for Power ARK as well as other large-scale energy storage solutions such as grid batteries and EV fast chargers.
Tags: Electric Battery, Nippon Yusen Kabushiki Kaisha (NYK) Line, PowerX, Spiral Capital
Recent Posts
Zero-carbon ammonia for shipping faces challenges
Wärtsilä signs lifecycle agreement for 7 Capital Gas LNG carriers
ABS releases report on nuclear LNG carrier design
NTPC develops indigenous catalyst for methanol production
Huangpu Wenchong receives AIP from CCS for ships using methanol and ammonia
Climate change will cause India’s GDP to decline by 24.7% by 2070: ADB
Masdar and EMSTEEL complete project using green hydrogen to produce steel
DNV Grants HHI AiP for ammonia DF large container vessel