Jersey based SRJ Technologies has signed a strategic alliance agreement with Japanese conglomerate, Mitsui, which will open up further market opportunities for the island business. SRJ Technologies started in Jersey in 2014 and listed this September on the Australian stock exchange.
The non-binding Strategic Alliance with Mitsui & Co (Australia), provides that both companies work together to cross promote their products across the other’s networks. For SRJ, it provides a pathway to promote its range of engineering services and weld-free containment management solutions for pipeline repairs and maintenance, to Mitsui’s global portfolio of infrastructure assets valued at more than US$100bn.
Alex Wood said the deal is an exciting next step for SRJ’s growing business: “Mitsui recognises the innovative qualities of our products and solutions, and for such a high calibre partner to be interested in a small Jersey based company, shows the huge potential that they see in an alliance. For example, Mitsui is a majority owner of Modec, the world’s largest floating platform solutions for the oil and gas industry. It is a big next step for us and another marker on the map for Jersey, particularly in diversifying into other industries besides finance.”
The parties will exert effort and leverage their wide and varied expertise, knowledge of industries, and network of customers and business partners to study and develop new business opportunities together. They will also collaborate to expand the parties’ joint capability and functions into new areas, particularly the OPEX phase of production assets, and create truly new and innovative business models for customer benefit that will return sustainable, profitable and scalable business.
Mitsui & Co (Australia) is a subsidiary of Mitsui & Co Ltd, a Japanese listed business with a market capitalisation of approximately US$30 billion.
SRJ Chairman, Rob Pinchbeck, said that formalising the collaboration, which began with Mitsui taking a stake in the firm when it listed, was another highly positive step towards the creation of new business opportunities, “Creating a structure to the collaboration that provides clarity on roles and responsibilities provides a solid foundation upon which to explore a wealth of market opportunities for both SRJ and Mitsui.”
