International corporate innovation and venture development firm Rainmaking on Wednesday (15 July) said it has completed the first cycle of its far-reaching program for nurturing startups working toward the decarbonization of shipping.
A second six-month cycle is set to commence in August 2020, it added.
Scouting candidates for the first cycle of this vitally important program, Rainmaking said it initially identified 1,200 promising startups, with a cumulative funding of US$14 billion, based across 70 countries.
Of these, 145 candidate companies were given full due diligence screening and a final group of 51 selected for kick-off workshop participation (similar to a ‘demo day’).
Here, each startup pitched their proposed decarbonization solution, with those deemed most likely to succeed subsequently allocated partnerships with collaborating companies.
These included industry leaders such as Cargill, Inc., DNV GL, Hafnia (Member of BW Group), MC Shipping Ltd. (a subsidiary of Mitsubishi Corp), Royal Dutch Shell, Vale S.A., and Wilh. Wilhelmsen Holding ASA.
Corporate partners would not take equity in the start-ups with which they collaborate. Instead, they would provide the start-ups with access to resources, real-world knowledge, and mentorship from experienced innovators and corporate leaders, it explained.
“Working with corporate partners and curated startups, accelerating technology capabilities to help the maritime industry tackle the big issues embodies the open innovation principles that Wilhelmsen fosters,” said Nakul Malhotra, Vice President Open Innovation for Wilhelmsen.
“This is not merely an exercise — these initiatives represent real, working collaborations between a corporate partner and an innovative startup,” added Tarun Mehrotra, Director, Trade & Transport at Rainmaking.
“Efforts such as these are essential to decarbonizing shipping within the next ten years. Taking action within the coming decade will prove pivotal to halting climate change and ensuring the resiliency of supply chains during a crisis like the one we are presently experiencing.”
The selected are addressing this issue and setting out to reduce shipping’s carbon emissions in a broad variety of ways, said Rainmaking.
These include the development of new or alternative energy sources; augmented reality (AR) solutions; AI and data-enabled CO2 reduction; increasing energy efficiency; automation, infrastructure and business model innovation; greater transparency in tracking of CO2 provenance and quantities; carbon offsetting; and improved vessel design.
Photo credit: Rainmaking
Published: 17 July, 2020
The Singapore court was planning to enforce a seizure and sale of the asset to pay a USD 705,594.45 debt owned by GP Global APAC to Equatorial Marine Fuel Management Services via a judgement.
‘We intend to expand our product portfolio to include VLSFO bunker deliveries at a later stage; after investments into the MGO bunkering segment have been complete,’ Director tells Manifold Times.
Fast Energy Sdn Bhd is currently exploring collaboration with a major Malaysian bunker supply firm operating at Port Klang; the operation will be supported by CCK Petroleum upon finalisation.
Veritas Petroleum Services records numerous contaminants such as plastic, fibres, black gum, paraffins, fatty acids, and other component found in the off-spec RMK 700 marine fuel.
Course includes topics on valid and binding transactions; quality or quantity disputes; shipping issues; contract termination; claims; insolvency and others. Registration closes 25 February 2021.
All bunker vessels that have received the necessary clearance for out of port bunkering operations may do so at the stated Tompok Utara coordinates only or risk penalty, according to the MMEA.