Clean tech investment

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 and Cavotec said it will grow to accommodate it.

“We will accelerate our focus on developing connection and electrification solutions to enable the decarbonisation of ports and industrial applications,” said Mikael Norin, CEO of Cavotec.

“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.”

Clean investment

A European Union directive encourages ports to adopt shore-to-ship electrification systems 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 US$17 billion on the US shipping infrastructure with a special mention of the need to mitigate the impact of pollution from ports.

Cavotec has already equipped some 600 of the world’s container ships as well as hundreds of ports around the world with its shore power systems.

Mr Norin said that Cavotec’s 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.

Most recently, Cavotec has developed an automated e-charging and mooring system for the world’s first zero-emission, autonomous battery powered fleet.

The global Cavotec team will grow by an estimated 320 people, an increase of 60%, with two thirds being engineers to accommodate these developments, Mr Norin said.