MOL Switch Invests in Voya Energy to Explore Aluminum Fuels for Maritime Electrification

HAYWARD, Calif., and TOKYO, Japan — November 2, 2026 — Voya Energy and MOL Switch, the corporate venture capital arm of Mitsui O.S.K. Lines (“MOL”), Ltd., one of the world’s largest shipping companies, today announced MOL Switch’s investment in Voya in connection with its $35 million Series A financing, announced in August 2026. The investment supports Voya’s work to commercialize a new energy system powered by aluminum and brings a global maritime perspective to the company’s development.

Alongside the investment, Voya and MOL Switch are working to shape a deeper partnership, exploring opportunities that range from shore power at congested ports to the longer-term potential of energy-dense aluminum fuel for long-haul shipping and global energy transport. The relationship brings together Voya’s expertise in metal fuels and electrochemical power generation with MOL Group’s experience in global shipping and energy logistics.

Voya is developing pelletized aluminum fuel and purpose-built aluminum-powered generators to deliver reliable electricity without combustion or dependence on the utility grid. Inside the generator, the fuel reacts with air and water to produce electricity. The generator produces no CO₂, no direct greenhouse gas emissions, and no criteria pollutants during operation. The fuel is energy-dense, stable, and capable of indefinite storage.

Nearer-term areas of interest include shore power at congested ports and onboard vessel power. Voya’s system can supply electricity to vessels at berth where grid capacity or access to shore power is constrained, helping reduce reliance on onboard diesel generators. Its compact fuel storage and ability to generate power independently of the grid can offer ports an additional option for meeting vessel power needs while complying with local air quality restrictions. Installed aboard vessels, Voya’s generators could also supply power for onboard systems as an alternative to diesel generators, both at berth and at sea.

“MOL Switch’s investment brings valuable maritime expertise to our work to commercialize metal fuels,” said Richard Wang, CEO of Voya Energy. “Together, we see an opportunity to explore clean, reliable shore power in the nearer term and the potential for aluminum fuels to support electric propulsion over long ocean voyages and deliver energy around the world. MOL Group’s operating experience will help us shape the technology around the practical demands of global shipping.”

For long-haul shipping, the companies are exploring aluminum’s potential to carry the energy needed for extended ocean voyages. Voya’s onboard aluminum-fueled system can convert aluminum into clean electricity for electric propulsion and other vessel power needs. Evaluating that potential requires assessing energy storage capacity, generator performance, and integration with vessel electrical and propulsion systems, as well as fuel loading and byproduct handling.

Voya’s process produces aluminum hydroxide, a stable byproduct that can be collected for recovery. Voya intends to develop a closed-loop fuel system in which this material can ultimately be converted back into aluminum fuel. For maritime use, the companies will also explore how fuel delivery and byproduct collection can fit into port logistics.

“Our investment in Voya gives us an opportunity to explore its innovative aluminum fuel and generator technology for maritime electrification,” said Hiroshi Watanabe, COO at MOL Switch. “We are interested in its potential as an alternative to onboard diesel generators for vessel power, as well as its potential to enable the electrification of long-haul shipping. We look forward to working with Voya to assess how the technology can be integrated into real-world maritime operations.”

Voya announced its $35 million Series A in August 2026, led by Energy Impact Partners, to advance development and commercialization of its aluminum-fueled energy system. Voya and MOL Switch are continuing discussions to define the scope and next steps of a deeper maritime partnership.

About Voya Energy

Voya Energy is developing a new energy system built on metal fuels, an abundant, energy-dense and recyclable class of materials capable of storing and delivering energy. Voya pairs its proprietary aluminum fuel with a purpose-built aluminum-powered generator to provide reliable, clean and dispatchable electricity without combustion or dependence on the utility grid.

About MOL Switch

MOL Switch is the corporate venture capital arm of Mitsui O.S.K. Lines, Ltd. Established in 2023 and based in California, MOL Switch invests in startups and venture capital funds developing climate technologies and maritime innovation, including next-generation clean energy, to advance decarbonization across the Mitsui O.S.K. Lines group and society at large. Learn more at https://molswitch.earth]

About Mitsui O.S.K. Lines

Mitsui O.S.K. Lines, Ltd., headquartered in Tokyo, is one of the world’s largest shipping companies. Its businesses span maritime transport and social infrastructure, including logistics and terminals. MOL Group aims to achieve net zero greenhouse gas emissions by 2050. Learn more at https://www.mol.co.jp/en/ 

Media Contacts

Voya Energy: media@voya.energy

MOL Switch: All-MOLswitch@molgroup.com

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