PowerX Inc has entered into a capital and business alliance with Imabari Shipbuilding Co Ltd, Japan's largest shipbuilder. PowerX and Imabari Shipbuilding will jointly develop the first prototype of the Power Transfer Vessel, "Power ARK," by the end of 2025. Imabari Shipbuilding has also invested 1 billion yen (US$8.86 million) in PowerX through this capital and business alliance agreement.
PowerX CEO & Representative Director Masahiro Ito said "PowerX endeavors to accelerate decarbonization and the adoption of renewable energy with the Power Transfer Vessels. We would like to express our deepest gratitude to Imabari Shipbuilding for sharing our vision and supporting us at such an early stage. Through this alliance, we aim to jointly develop and introduce "Power ARK" to the world as a "MADE in JAPAN" product with Imabari Shipbulding. Going forward, PowerX will continue the efforts to realize a decarbonized society. " For further information see the IDTechEx report on Batteries for Stationary Energy Storage 2021-2031.
Imabari Shipbuilding President Yukito Higaki said "The realization of a decarbonized society is a major issue that the shipbuilding and shipping industries must tackle. We see this alliance as an excellent opportunity for Imabari Shipbuilding to invest in as well as partner up with PowerX, who is taking on the challenge with a different approach from the existing shipbuilding and shipping industries. We are looking forward to working with PowerX to develop new solutions that can contribute to our society. "
PowerX will develop and manufacture the battery storage system and other battery-related systems to be installed on the prototype ship. Through this alliance, PowerX and Imabari Shipbuilding will leverage their respective expertise and strength to maximize the synergy.
The Power ARK will go into full-scale operation after testing with the prototype ship. Even with the smaller model (220MWh capacity), the Power ARK is expected to transport enough electricity for 209,000 Japanese households in just one single trip (assuming average Japanese household electricity consumption is 10 kWh per day). With the Power ARK project, PowerX aims to efficiently distribute renewable energy to regions with high demand, ultimately leading to the greater utilization of clean energy resources throughout the nation.
PowerX has also entered into a non-binding letter of intent (LOI) with DNV, the world's leading classification society and a recognized supervisory authority for the global maritime and renewable energy industries. Under the LOI, PowerX will collaborate with DNV on technical assessment of the Power Transfer Vessel (Power ARK) and its battery system, as well as the potential development of a new class notation for Power ARK's global implementation. Through this collaboration, PowerX and DNV will chart new opportunities in the renewable energy sector, as the Power ARK redefines established conventions for both the maritime and onshore power utility industries.
Speaking of the collaboration, Arnstein Eknes, Segment Director, Special Ships, DNV Maritime said: "Society demands innovative solutions to unlock a future that is smarter, safer and greener, and the Power ARK project from PowerX is exactly the kind of transformational thinking we need. With this LOI, DNV is not only demonstrating its interest in this concept, but also our determination to be at the vanguard of change - supporting industry frontrunners, building understanding, and actively working to accelerate the energy transition. We're excited to be on board."
Source and top image: PowerX