WE Tech Solutions, together with Mitsui & Co. Ltd will drive zero emission shipping future

A significant step towards the realization of sustainable shipping and a zero-emission future has been taken, as the Finnish leading energy efficiency solution provider WE Tech Solutions (WE Tech) join forces with one of the largest Japanese general trading companies Mitsui & Co., Ltd (Mitsui).

In landmark agreements, WE Tech further strengthens its position as global energy efficiency solution leader by calling in Mitsui’s strategic investment leading it to be a significant minority shareholder in WE Tech and simultaneously appointing Mitsui as an exclusive agent in Japanese market. The co-operation will also solidify Mitsui’s commitment to Global Energy Transition, which is one of its growth strategies in its medium-term management plan for 2026, and contribution to the promotion of decarbonization in the shipping industry.

WE Tech is a leading energy efficiency solution provider with a global presence in the shipping industry. The company specializes in supplying solutions based on DC-link power distribution, variable speed power generation, energy storage and energy management systems. The solutions, suitable for new buildings and for retrofits, bring numerous benefits to the shipping industry worldwide. WE Tech has been at the forefront of zero-emission solutions for the shipping industry. Its cutting-edge innovations and pioneering spirit have led to breakthroughs that promise to reshape global shipping’s future.

“By seamlessly integrating WE Tech’s innovative solutions with Mitsui’s operational excellence, the partnership aims to accelerate the adoption of sustainable practices and technologies across the maritime domain,” WE Tech’s CEO Mårten Storbacka said, “Moreover, the partnership will strengthen WE Tech’s position in the Japanese market. By aligning with Mitsui, we gain a formidable ally that enhances our visibility and influence within Japan.”

The partnership is rooted in a mutual vision for a sustainable shipping industry, with both companies firmly dedicated to enacting tangible change in global emissions. Mitsui, a renowned player in the shipping and logistic business, brings decades of experience and expertise to the table. With a longstanding commitment to sustainability, the company has set its sights on pushing the boundaries of what is achievable in the realm of zero emission shipping.

“We believe that by combining our presence in the global shipping market and WE Tech’s innovations, we are confident to enhance the growth of WE Tech and even to catalyse the transformation of Japanese shipping industry into a model of environmental responsibility,” stated Akihito Hamada, General Manager, Transportation & Machinery Business Div. I, “This partnership exemplifies our unwavering commitment to sustainable practices and our determination to contribute not only to the decarbonization of the global shipping industry but also the increase of the competitiveness of Japanese shipping industry.”

The agreement signing ceremony, held in the city of Vaasa in Finland, serves as a symbolic inauguration of a new era where international collaboration emerges as the driving force behind transformative progress. Representatives from both entities gathered to mark this historic moment.

“Our mission has always been to create savings and emissions reduction for the shipping industry through technology. We are excited to bring our innovations to the Japanese shipping market and to work together with Mitsui towards a zeroemission future” WE Tech’s CEO Storbacka shared.

The collaboration between Mitsui and WE Tech comes at a crucial juncture when the world is seeking solutions to address climate change. This partnership serves as a testament to the power of international cooperation in driving meaningful progress towards sustainable shipping and a zeroemission future.

“Transaction is subject to Finnish Foreign Direct Investment filing and parties expect closing of the transaction to happen during [Q3/Q4 2023]. Parties have agreed not to disclose the details of the Transaction. WE Tech was advised by Access Partners & Avance Attorneys.”

WE TECH SOLUTIONS IN BRIEF:

WE Tech Solutions, with headquarters in Vaasa, Finland, is a leading energy efficiency solution provider with a global presence in the shipping industry. The company specializes in supplying solutions based on DC-link power distribution, variable speed power generation, energy storage and energy management systems. The solutions, suitable for new buildings and for retrofits, bring numerous benefits to the shipping industry worldwide.

MITSUI & CO., LTD IN BRIEF:

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.

Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.