On May 20, the ever-established Japanese shipping company, NYK, entered into a capital and business alliance agreement with Power X Inc. (otherwise known as Power X).
Power X is known for developing new businesses utilizing large-capacity batteries and power-transmission technologies and aims to build and promote a power-transfer ship delivering electricity generated offshore to shore. The Company is seemingly past its startup stages, noting that it was established in March of 2021.
Power X has partnered up with several companies like NYK, including Imabari Shipbuilding, ClassNK, and DNV, to kick off the Power ARK project. Power X aims to develop and test the prototype ship by the end of 2025. After learning what both companies are in support of, it seems as if it were an easy guess to assume that the two companies are working to build a better tomorrow through fewer emissions.
NYK stated that the agreement’s goal is to “combine the two companies’ knowledge, expertise, and resources to jointly develop and test a power transfer vessel and marine energy storage systems (ESS).” The alliance agreement is also said to have a goal of promoting initiatives for accelerating the adoption of renewable energy.
The partnership between the two companies in specific will focus on R&D projects that include marine ESS, a power transfer vessel “Power Ark,” battery-powered vessels, ship electrification, zero-emission ports, and sales and marketing for the projects listed.
Senior Managing Director of NYK Line, Tomoyuki Koyama, recognized that Power X’s large-scale storage batteries could be utilized in an expansive scope of applications in renewable energy. He noted the Company’s wild business acceleration, saying that this technology is highly anticipated.
The excitement involved in this type of project seems to be fueled by nothing but good intentions and solutions. With renewable energy on the horizon, the companies will continue to collaborate by developing energy storage solutions for maritime applications and developing the Power Transfer Vessel.
This capital and business alliance agreement helps innovate not only how the Companies utilize renewable energy but perhaps, eventually, the world.