COSCO Cooperates with Solarsailor

Press Release
24 July, 2008

On July 24, Capt. Wei Jiafu met with Bob Hawke, the former Premier of Australia and Chairman of Solarsailor. Both parties exchanged views on potential cooperation in using solar/wind energy on vessels and agreed to launch COSCO Solar Sails research program.

Capt. Wei in the meeting expressed that in order to better implement Global Compact and respond to climate change, COSCO Group has the responsibility to take the lead in researching alternative driving forces to fulfill energy saving and emission reduction. COSCO Group will initiate experimental navigation on its vessels with Solarsailor's cutting-edged technology to seek the feasibility of widely adoption on COSCO fleets. And both parties will invite China Classification Society to provide technical and classification service in the experiments.

This meeting was attended by COSCO VP Mr. Li Jianhong, Solarsailor CEO Mr. Robert Dane.

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