NYK will participate in a tidal energy1 demonstration in off-grid2 areas of Singapore conducted by Bluenergy Solutions.3
In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group has been taking steps to create new value through green business. In 2019, NYK participated in Singapore’s first tidal power demonstration on the Sentosa Boardwalk, a bridge connecting Singapore Island and Sentosa Island.
About the demonstration
This is a tidal energy demonstration in an “off-grid” area that is not connected to the power grid. Unlike wind energy, which is affected by weather conditions, tidal energy uses tidal currents, which are stable in volume and direction throughout the year, making them an extremely efficient renewable energy source featuring a generated amount of power that is easy to predict.
NYK will examine the power generation efficiency, the cost of power generation, and storage.
About Bluenergy Solutions
Bluenergy Solutions, a Singapore Company, is a marine renewable energy solution provider integrating energy generation, storage, and distribution. Bluenergy Solutions’ bi-directional4 tidal turbine array deployment has the potential to produce one gigawatt hour of energy annually, and its small size makes it possible to be installed in most locations.
NYK launched its NYK GREEN EARTH5 ESG brand in April 2022. By utilizing the knowledge gained from this tidal energy demonstration project and working on the commercialization of marine renewable energy, we aim to establish a new energy value chain and achieve sustainable development and growth for the company and society.
In February 2021, NYK released the “NYK Group ESG Story,” which aims to further integrate ESG into the company’s management strategy and promotes activities that contribute to the achievement of the SDGs through business activities. In March this year, NYK released the updated “NYK Group ESG Story 2022,” which introduces initiatives for integrating ESG into the Group’s management strategies set forth in the “NYK Group ESG Story” and provides a partial explanation of the Group’s sustainable growth strategy from a long-term perspective. To strongly promote ESG management, NYK will continue to create new value as a sustainable solution provider.
The NYK Group ESG Story
A guideline detailing concrete efforts to integrate ESG into management strategies of the NYK Group. Details: https://www.nyk.com/english/news/2021/esg-story_01.html
The NYK Group ESG Story 2022
1 Tidal energy
Electricity generated through use of the ocean’s tides. Power generation is predictable and less affected by weather and ocean conditions.
Areas where is not connected to the power grid.
3 Bluenergy Solutions Pte Ltd
Efficient power generation by utilizing the dual-directional flow of high and low tides
5 NYK GREEN EARTH
A brand that utilizes NYK’s green business to target efforts for new value generation through low-carbonization and decarbonization.