• Press Release

NYK and PowerX Form Capital and Business Alliance

Full-scale collaboration as strategic partners for zero emission ships and ports, and promotion of renewable energy

On May 20, NYK entered into a capital and business alliance agreement with Power X Inc. (Power X). Power X develops new businesses utilizing large-capacity batteries and power-transmission technologies and is aiming to build and promote a power-transfer ship delivering electricity generated offshore to shore.

By concluding this capital and business alliance agreement, the two companies will further strengthen their strategic partnership while embodying the MoU agreed in January this year. The two companies will combine their knowledge, expertise, and resources to jointly develop and test a power transfer vessel and marine energy storage systems (ESS), and to promote initiatives for accelerating the adoption of renewable energy. The partnership will specifically focus on R&D projects that include marine ESS, the power transfer vessel “Power Ark,” battery-powered vessels, ship electrification, and zero-emission ports, as well as sales and promotion for these projects.

Image of Power Ark concept ship (Photo courtesy of PowerX Inc.)

In February 2021, NYK released the “NYK Group ESG Story,” which aims to further integrate ESG into the company’s management strategy and promotes activities that contribute to the achievement of the SDGs through business activities. In March this year, NYK released the updated “NYK Group ESG Story 2022,” which introduces initiatives for integrating ESG into the Group’s management strategies set forth in the "NYK Group ESG Story" and provides a partial explanation of the Group’s sustainable growth strategy from a long-term perspective. To strongly promote ESG management, NYK will continue to create new value as a sustainable solution provider.

<The NYK Group ESG Story>
A guideline detailing concrete efforts to integrate ESG into management strategies of the NYK Group. Details: https://www.nyk.com/english/news/2021/esg-story_01.html

<The NYK Group ESG Story 2022>
Details: https://www.nyk.com/english/news/2022/20220324_01.html

About PowerX

Company Name: PowerX, Inc.
Website: http://power-x.jp/
Established: March 22, 2021
Representative: Masahiro Ito (Director, President & CEO)
Location: Midtown Tower 43F, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6243
Main Business: R&D and production of power-transfer vessels and energy storage systems (ESS)
Capital: 70 million yen

Power X press release

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