MOL Switch LLC, a 100% subsidiary and U.S. based investment arm of Mitsui O.S.K. Lines, Ltd. today announced that it has invested in Starfire Energy (Founder & CEO: Joe Beach)
Starfire Energy is commercializing modular green ammonia systems and is a technology leader in the green ammonia market. The company is developing equipment to economically make ammonia from low cost renewable electricity to use ammonia as a carbon-free replacement for natural gas, gasoline, and other fossil fuels. These technologies will accelerate the decarbonization of transportation and logistics. Maritime shipping is one of the major market focus areas for Starfire Energy’s technology.
MOL Switch, is the U.S. based investment arm of Mitsui O.S.K. Lines, was launched in 2023 to accelerate the decarbonization of energy supply chain, including its own shipping activity. Joe Beach, CEO of Starfire Energy, commented on the importance of the investment, “Marine shipping is rapidly adopting ammonia fuel to decarbonize. We are excited to have MOL Switch as a strategic investor who can give us tremendous insight into that growing ammonia fuel market.”
“Ammonia is a leading candidate for next-gen maritime fuel, but more investments should be made into technologies to build a cost-effective and robust supply chain. This investment aligns with our focus, and we believe this technology will make green ammonia more affordable and available,” said Tomoaki Ichida, CEO of MOL Switch LLC.
