Mitsubishi Corporation and Magellan X have signed a Memorandum of Understanding (MOU) after the completion of a successful trial
Singapore – 23 February 2023. Magellan X, a leading ESG technology company for building and investing in Deep Tech digital solutions, is pleased to announce the completion of a successful trial of the SOL-X innovative safety solution with MC Shipping Ltd., a global shipping company and a subsidiary of Mitsubishi Corporation.
Following this trial, a Memorandum of Understanding has now been agreed that will see Magellan X and Mitsubishi Corporation collaborate on bringing SOL-X to the Japanese maritime market and developing new business models to scale the solution. This will help to progress the digitalisation of the maritime industry, improve the safety and compliance standards on vessels, and benefit the wellbeing of seafarers.
Under the agreement, Mitsubishi Corporation will leverage its extensive industry network to co-market the SOL-X solution and support its business growth, with the objective of establishing an ecosystem of partners, across the industrial value chain, who can benefit from deploying this safety solution in their operations.
“It is exciting to begin this partnership with Magellan X and provide our seafarers with the most advanced safety technologies available. MC Shipping’s decision to utilise the SOL-X solution reflects our long-standing commitment to take the initiative in enhancing safety of vessel operations and taking good care of our seafarers. We believe this is one of the most powerful solutions that can enable the digital transformation of the maritime industry. We look forward to a strong partnership with Magellan X to enhance and promote the value of the SOL-X solution.” Takafumi Oka, General Manager of Mitsubishi Corporation Ship Dept.
Both companies will also collaborate on go-to-market strategies and product development beyond the maritime sector by exploring opportunities in heavy industries such as oil and gas, chemical and mining.
“We are very proud to bring our IIoT SOL-X safety solution to the Japanese maritime market and we are excited to work with such a progressive partner as Mitsubishi Corporation. I strongly believe that the same impact we have demonstrated in the maritime industry can be applied to other heavy industries so I am thrilled to work with our partners at Mitsubishi Corporation to explore further opportunities. By leveraging SOL-X’s innovative safety and compliance technologies, we can help reduce incident risks and improve overall productivity for industrial workers. This will lead to operational savings, generate business competitiveness for operators and help them make informed decisions regarding workplace safety.” said Basheer Cassim, Group Chief Executive Officer, Magellan X.
About Magellan X
Magellan X specialises in developing Environment, Social and Governance (ESG) technologies for the oil and gas, mining, chemicals, and maritime sectors. We are backed by MISC and BCG Digital Ventures. Magellan X’stechnology solutions address our customers’ varying ESG needs and better position them to meet their sustainability goals through IIoT solutions that accurately capture real-time data flows and produce analytics using artificial intelligence. Our suite of purpose-built solutions includes ecoMax (Emission Optimisation), SOL-X (Worker Safety) and Propeller (Inventory Optimisation).
For more information, please visit magellanx.co.
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