MOL Forms Capital Alliance with Hokutaku, Japan's largest Wind Turbine Maintenance Company

January 10, 2024

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Hokutaku Co., Ltd. (President: Yukari Yoshida; Headquarters: Asahikawa-shi, Hokkaido), Japan's largest wind turbine maintenance company, announced an agreement to form a capital alliance through MOL's acquisition of a majority of the outstanding shares of Hokutaku on January 9, 2024.
Hokutaku is the largest third-party maintenance company in Japan that is not affiliated with a specific manufacturer or power producer and has had an extensive customer base in the wind power generation industry since entering the field in 1999. It serves about 80% of the approximately 2,600 wind turbines in Japan. Appropriate long-term maintenance is essential to support the stable operation of wind power generation plants, so Hokutaku is also focusing on the development of maintenance technical engineers, the source of its competitiveness, using its own wind power generation plants for training and experimental studies.

MOL began discussions with Hokutaku in 2017, and comprehensive advice from the wind power industry pioneer has helped accelerate its entry into the wind power industry. While Hokutaku has a sufficient track record and operation and maintenance (O&M) technology performance, it is moving away from individual ownership amid the industry's rapid growth in size and project scale. The MOL Group has been pursuing offshore wind power generation as part of its "BLUE ACTION 2035" management plan to achieve further growth in its non-shipping business, which it has long advocated, and has now entered the capital alliance.
MOL and Hokutaku have been pursuing the following joint projects in the wind power generation value chain, and will take this cooperative relationship to the next stage.

• Hokutaku and MOL established an investment limited partnership for offshore wind power business
  (Reference: https://www.mol.co.jp/en/pr/2022/img/22027.pdf)
• As the first project, the Hokutaku MOL Wind Energy Investment Limited Partnership executed an investment in Hokutaku Corporation, a special-purpose company that holds a 10% stake in Hibiki Wind Energy Co., Ltd.
  (Reference: https://www.mol.co.jp/en/pr/2023/23025.html)
• Implemented an offshore wind power human resource development program by installing a training facility specialized in the practical operation and maintenance of offshore wind turbines
  (Reference: https://www.mol.co.jp/en/pr/2023/23013.html)
• Development of onshore wind power projects in Shimane Prefecture

MOL aims to contribute to the expansion of the offshore wind industry, by creating new value, which combines Hokutaku's extensive experience, know-how, and network in wind power generation maintenance with the MOL Group's operational experience in social infrastructure business, including ocean transport, to become the partner of choice for industry partners throughout the offshore wind value chain.

About Hokutaku
Hokutaku was established in 1982, and its vice president, Satoru Yoshida, focused on wind turbine operation and maintenance at the dawn of the industry and started the wind turbine maintenance business in 1999. To date, the company has offered a wide range of services, leveraging its many years of experience, for all manufacturers in both onshore and offshore wind power installations. Hokutaku is the one and only third-party wind power maintenance company with a strong network of major domestic and international suppliers and outstanding know-how and experience. For details, please visit www.hokutaku-co.jp.

About MOL
MOL, established in 1884 and headquartered in Tokyo, is one of the world's leading ocean shipping companies, operating about 800 vessels worldwide. It is developing various social infrastructure businesses, technologies, and services centered on marine transport to meet the ever-changing needs of society, such as environmental protection. MOL's fleet includes dry bulkers, LNG carriers, car carriers, and tankers. In addition to the traditional shipping business, it is also developing social infrastructure businesses such as terminals, logistics, and offshore wind power, as well as wellbeing life businesses such as real property, cruises, and ferries. For details, please visit https://www.mol.co.jp/en/.

MOL Group 5 Sustainability Issues
MOL Group identifies "Sustainability Issues" (Materiality) as our key issues for sustainable growth with society through realization of the Group Vision.We anticipate this initiative to contribute especially to the realization of "Environment -Conservation for Marine and global environment-"and "Innovation -Innovation for development in marine technology-".