Eastern Pacific Shipping has teamed up with a Hong Kong-based electric power company to develop green energy and renewable fuel solutions.
The Idan Ofer-backed company said the tie-up with China Power International Development Ltd marks an “important milestone in pursuing a cleaner, more sustainable future for the maritime and power generation industries”.
Under a framework cooperation agreement (FCA), the two companies will “tap on their expertise in green energy production, storage and transportation, will cooperate to advance the development and adoption of energy solutions for the maritime industry, including green ammonia and green methanol”.
Both companies said they “recognise the pressing need” to transition towards low-carbon alternatives, and this collaboration will enable them to “leverage their respective strengths to accelerate progress in this vital area”.
“The signing is a historic starting point that will strengthen the communication and strategic cooperation between our two organisations,” Eastern Pacific commercial director Tay Gak Yong said.
“Our framework agreement will lay the groundwork for expanding joint efforts towards market development to promote the adoption of sustainable energy solutions.
“By leveraging our combined expertise, we aim to unlock new opportunities, drive innovation and deliver tangible solutions that address the pressing global challenges of maritime decarbonisation and sustainability.”
Eastern Pacific said the FCA comes at a time when the impetus for alternative marine fuel and power generation solutions are at an “all-time high”.
“Various government mandates and ambitious corporate social responsibility agendas have made it clear that sustainability efforts must be accelerated,” it said.
“The FCA aims to provide both industries with viable and scalable solutions that will aid in global decarbonisation and environmental preservation.”
China Power, which is listed on the main board of the Hong Kong Stock Exchange, is an integrated energy group that owns thermal power, hydropower, nuclear power and renewable energy resources in mainland China. From an initial background in coal-fired power, it has expanded into renewable energy such as hydropower, wind power, green energy transportation and integrated energy services.
