Cavotec will invest €20m in clean technologies for ports

The fast-growing market for electrification and automation of ports around the world is estimated to be worth several billion euros in the coming years. Cavotec will invest 20 million euro in technology, engineering and business development over the next five years to strengthen its leading position and to meet the expected demand. 

Mikael Norin, CEO of Cavotec, says:

“We’re now at an inflection point where our core markets are undergoing a drastic change where what has been niche markets for cleantech are becoming mass markets. In Europe alone, more than 2,500 ports will have to drastically reduce emissions by offering Shore Power, a Cavotec specialty, to visiting ships in the next 5 – 10 years. Our automated mooring technology has an equally untapped potential with an estimated 4,700 port berths world-wide suitable for automation to increase efficiency and reduce pollution. We will invest in sales, marketing, engineering and technology to fully leverage on this development and our leading market position.”

A European Union directive encourages ports to adopt shore-to-ship electrification systems (Shore Power) to reduce emissions from vessels when in port. By 2025, this recommendation will become binding for all European ports. In the American Jobs Act President Biden is planning to spend 17 billion USD on the US shipping infrastructure with a special mention of the need to mitigate the impact of pollution from ports.

Cavotec is a market leader in today’s niche markets for cleantech for ports and industrial applications. Cavotec has equipped some 600 of the world’s container ships as well as hundreds of ports around the world with its Shore Power systems. Most recently, Cavotec has developed an automated e-charging and mooring system for the world’s first zero-emission, autonomous battery powered fleet. Also, building on the company’s 40-year experience of electrification of mining equipment, Cavotec is active in CharIN, (Charging Interface Initiative), a network of companies developing global standards for charging battery powered vehicles, focusing on high power, high speed charging for commercial and industrial vehicles.

Norin concludes:

“Every day – in thousands of ports around the world – mega cargo ships moor, and then idle for hours – adding tons of pollution. And the mooring itself is a dangerous job, where employees face tremendous risks on a daily basis. Equally, the majority of the world’s mobile industrial equipment is powered by polluting diesel engines. Our mission is to change this. We will accelerate our focus on developing connection and electrification solutions to enable the decarbonization of ports and industrial applications. Just like some brands are leading the successful electrification of the automotive industry, we will lead the electrification of our markets. We are determined to contribute to a future world that is cleaner, safer and more efficient.”