MOL and Pyxis sign Collaboration Agreement for development and market expansion of electric vessels in Singapore and Japan.

November 01, 2023

Mitsui O.S.K. Lines, Ltd. (MOL) and Pyxis Maritime Pte Ltd. (Pyxis) have signed a Memorandum of Understanding (MoU) to collaborate on joint development and marketing of the electric vessels (EV's) business in the Singapore region, as well as marketing for the expansion of EV's introduction in Japan in order to contribute achieving Zero Emission in the shipping industries.
MOL and Pyxis will harness, MOL's maritime expertise, market networks and industry knowledge as shipping company with Pyxis's agility and fast execution as start-up company to drive the mass adoption and commercialization of EV's to create a greener and sustainable future.

MOL Group has positioned its environmental strategy as one of the key strategies in its "BLUE ACTION 2035" management plan and is the first company in the Japanese ocean shipping industry to set the target of achieving net zero GHG emissions by 2050. As part of our joint efforts with Pyxis, we will work to introduce clean energy.
Through this cooperative relationship, the two companies plan to engage the industry and their respective stakeholders, interweave their knowledge, and implement strategic initiatives for decarbonization while closely monitoring the adoption of environmental regulations.

"I am pleased to conclude the MOU with Pyxis, which is committed to the introduction and expansion of EV vessels in Singapore. We believe this memorandum will be an important step for both companies to make a significant change in the shipping industry. Promoting the introduction of EV vessels to solve environmental issues will be one way. We believe cooperation with partners who has same ambition and trustworthy is essential to achieve that." said Nobuo Shiotsu, Senior Managing Executive Officer of MOL.

"We are honored to partner with MOL, a global leader in the shipping industry. With the sustainability movement disrupting maritime businesses, efforts to decarbonize have become necessary to stay competitive. Our mission is to ease and boost mass adoption of EVs in the region. Together with MOL, we are confident in expanding our outreach into Japan which is one of our key markets," said Tommy Phun, Pyxis Founder.

<Company Profile>
MOL
MOL was founded in 1884, and its business centers on the ocean shipping industry. Operating a fleet of about 800 vessels, it develops a variety of social infrastructure businesses. MOL has positioned its environmental strategy as one of the key strategies in its "BLUE ACTION 2035" management plan and is the first company in the Japanese ocean shipping industry to set the target of achieving net zero GHG emissions by 2050. In April 2023, "MOL Group Environmental Vision 2.2" was established as a new roadmap to achieve net zero GHG emissions and promote the sustainable development of people, society, and the Earth. " MOL is committed to achieving the goal by adopting EV’s and clean energy fuels and promoting wider adaptation of negative emission, as a pioneering multimodal transport and a global social infrastructure group. For details, please visit: https://www.mol.co.jp/en/index.html

Pyxis
Pyxis Maritime Pte Ltd is a maritime electrification technology start-up with a mission to create a sustainable, greener maritime future. By easing mass commercialization and adoption of electric coastal vessels, Pyxis accelerates maritime decarbonization while elevating vessel performance and management. Led by maritime veterans and supported by leading coastal vessel owners and government agencies, Pyxis is positioned to drive transformation in key port segments of Singapore and sister-ports in the region.

Mitsui O.S.K. Lines Group's 5 Sustainability Issues
The Mitsui O.S.K. Lines Group has identified Sustainability Issues (Materiality) as an important issue for achieving sustainable development together with society through the realization of the Group Vision. Among the five sustainability issues, this project deals with "Environment - Conservation of the Ocean and Global Environment" and "Innovation - Innovation that advances ocean technology".