TOKYO andSINGAPORE,Oct. 24,2024 -- VFlowTech Pte Ltd. (VFlowTech; CEO & Co-Founder: Dr. Avishek Kumar; Headquarters: Singapore),MOL (Asia Oceania) Pte. Ltd. (MOLAO; Managing Director:Jotaro Tamura; Headquarters: Singapore),and MOL PLUS Co.,Ltd. (MOL PLUS; CEO: Takuya Sakamoto; Headquarters: Minato-ku,Tokyo) todayannounced the signing of a Memorandum of Understanding (MoU) to form a strategic collaboration aimed at advancing long-duration energy storage solutions in Southeast Asia. The MoU establishes a framework for leveraging VFlowTech's cutting-edge vanadium redox flow battery (VRFB) technology to promote sustainable energy initiatives across MOL Group's operations in the region.

The tripartite partnership will focus on deploying VFlowTech's VRFB technology to support the transition to renewable energy in logistics and maritime applications. The collaboration aligns with MOL Group's commitment to decarbonization,emphasizing the integration of innovative long-duration energy storage solutions for port facilities,warehouses,and cold chain systems.

Driving Strategic Partnerships for Decarbonization

Under the MoU,MOLAO will lead business development efforts to explore practical applications for VFlowTech's VRFB technology across MOL Group's logistics network in Southeast Asia,while also seeking opportunities to collaborate with other stakeholders in the region to scale up the adoption of energy storage solutions. The agreement aims to create commercial synergies and accelerate the region's shift toward sustainable energy infrastructure.

"We are excited to formalize our collaboration with VFlowTech through this MoU. By integrating advanced energy storage solutions,we can reduce our environmental impact and enhance operational resilience in our logistics operations." said Hideyuki Irisawa,Director,MOLAO

Expanding Opportunities Through Strategic Collaboration

As part of the MoU,MOL PLUS will support efforts to promote VFlowTech's VRFB technology within the maritime industry and identify additional opportunities for the practical deployment of long-duration energy storage solutions in India and other regions outside Southeast Asia. The partnership represents a significant step forward in developing scalable solutions that contribute to a carbon-neutral future.

"We see great potential in VFlowTech's VRFB technology to transform energy usage across the logistics industry. The logistics industry often requires time to gain consensus among stakeholders. This is especially true when aiming for carbon-neutral port solutions like VFlowTech. We commit to keep moving VFlowTech forward,step by step,towards our goal,even in such situations." said Takuya Sakamoto,CEO,MOL PLUS.

"We are delighted to partner with MOL PLUS and MOLAO under this MoU to bring our innovative VRFB technology to critical infrastructure within the region. This collaboration will enable us to accelerate the deployment of clean energy solutions,delivering both environmental sustainability and economic growth in the region." said Dr. Avishek Kumar,CEO & Co-Founder,VFlowTech.

About VFlowTech

VFlowTech is a Singapore headquartered company focused on developing and manufacturing long duration energy storage systems specializing in vanadium redox flow batteries (VRFB). Established in 2018,VFlowTech focuses on developing safe,scalable,and sustainable energy storage solutions that address the intermittency challenges of renewable energy sources like solar and wind power and are designed for various applications,including utility-scale projects,microgrids,and off-grid solutions. VFlowTech's unique IP and innovative approach emphasizes eco-friendly and cost-effective battery technology with long operational lifespans of more than 25 years and addresses issues of performance degradation,thermal runaway,and product reliability and safety,while being fully recyclable at end of life. The company has installed their long duration storage systems in over 10 countries globally and has a vision to drive the world towards energy equity where everyone can access clean energy at affordable pricing.

For more information on VFlowTech,please visit: www.vflowtech.com

About MOL (Asia Oceania)

MOL (Asia Oceania) Pte. Ltd. is a regional subsidiary of Mitsui O.S.K. Lines,Ltd.,focused on expanding business operations and promoting sustainability across Southeast Asia,Australia,and Oceania.

About MOL PLUS

MOL PLUS Co.,Ltd. is a Corporate Venture Capital driving force for Mitsui O.S.K. Lines,Ltd. MOL PLUS invests in a wide range of early- and middle-stage startup companies around the world,that have the potential to reform ocean shipping business models and create new businesses in the shipping industry from a medium- to long-term perspective.

Website: https://en.molplus.net/

Media Contact:

Sylvia McKaige

Sylvia.mckaige@salweengroup.com