MOL Switch, a recently established investment arm of Mitsui O.S.K. Lines, has appointed Tomoaki Ichida as CEO.
Ichida has held the position of executive officer at Mitsui O.S.K. Lines since April of last year, and was promoted to managing executive officer in conjunction with his appointment as CEO of the investment arm, according to a LinkedIn post.
MOL Switch was established earlier this year to invest in startups developing decarbonizing technologies in the energy sector. MOL Switch will invest $100m in total over the next three years.
Ichida is based in Palo Alto, California, according to LinkedIn.
MOL Switch aims to access innovation, build new networks, explore new business opportunities, and expand human capital by investing in startups developing technologies and business models that help decarbonize our group companies and society, according to a news release. MOL Switch will invest in technologies related to next-generation clean energy, carbon removal, and battery storage.
The booming containership market in recent years has provided Mitsui O.S.K. Lines with a strong financial base that enables it to make aggressive new investments, according to a presentation.
MOL Clean Energy, US, a subsidiary of Mitsui O.S.K. Lines, earlier this year became a JV shareholder in Ascension Clean Energy, a proposed world-scale, clean hydrogen-ammonia production and export facility in Ascension Parish.
The MOL Switch venture capital strategy mirrors its Japanese counterpart, JERA, which earlier this year launched JERA Ventures to invest $300m in start-up companies that have leading-edge technologies or business concepts and in venture capital funds that have close connections to such companies.
