Mitsui OSK Lines has invested in UK-based offshore renewable energy company Bombora Wave Power.

The pair have been working together for 18 months on developing potential wave power projects in Japan and Europe using Bombora's energy converter mWave.

MOL said the technology has the potential to "harness wave energy at scale to produce environmentally friendly, consistent and cost-competitive energy".

The Japanese shipowner did not disclose the size of the investment, or its stake in Bombora, which was established in Australia but is now based at Pembroke Dock, Wales.

MOL's investment is part of wider capital raising activities by Bombora.

The funds from MOL's investment will help complete the 1.5-MW mWave validation project, due to be installed off the Pembrokeshire coast in the coming months.

"We have worked closely with MOL over the last 18 months and are delighted to strengthen our relationship through this investment," said Bombora managing director Sam Leighton.

"MOL bring invaluable expertise in marine operations, local industry supply chain knowledge and can provide support in project development in Japan and across the region."

MOL is also working on an offshore wind project with UK company Flotation Energy.

Last year, president Takeshi Hashimoto announced his intention to diversify MOL into areas that are compatible with its main shipping business.

The biggest and most significant development came in December last year, when MOL announced it is spending $1.1bn on fully acquiring real estate company Daibiru Corp and logistics company Utoc Corp.

The deals are expected to be finalised in April.