Ardmore Shipping along with the hydrogen generator company Element 1 Corp. (e1) and Maritime Partners LLC signed a letter of intent, in order to develop a joint venture and deliver e1’s methanol-to-hydrogen technology to the marine sector.
Under their collaboration, the trio will establish the e1 Marine, each owning one third of the joint venture.
Namely, the e1 Marine will have a worldwide mandate for the marketing, development, licensing, and sale of e1’s unique hydrogen generation systems for application to the marine industry, including shipping, refrigerated containers, offshore energy, renewable energy, passenger and leisure, and certain port infrastructure and related applications.
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According to the companies, the joint venture goals to meet the needs of the marine sector for the safe and efficient delivery of hydrogen onboard for mid-size power applications.
We are excited about the market opportunity for e1’s methanol-to-hydrogen technology. We believe it is safer and cheaper than other alternatives for onboard hydrogen delivery and, when using standard methanol, is operationally cost competitive with diesel engines even today, while emitting zero particulates, zero NOx, zero SOx, and 30-50% less carbon than a diesel engine of the same power rating.
…Anthony Gurnee, Ardmore’s Chief Executive Officer, commented.
In other words, the establishment of e1 Marine aims at reducing carbon emissions and drive the adoption of e1’s hydrogen purification technology across the global maritime landscape.
Element 1 is delighted to ally with Ardmore and Maritime Partners to deliver commercial solutions for the marine sector that will significantly reduce the carbon intensity as well as other harmful emissions (particulate matter, NOx, and SOx) traditionally associated with burning fossil fuels. This strategic relationship is the direct result of our partners’ vision as well as their commitment to environmental responsibility.
…as Dr. Dave Edlund, Co-Founder and CEO of Element 1 Corp., stated.
Concluding, the JV and investment in e1 will be held by Ardmore Ventures (“AV”), a newly incorporated holding company for investments related to Ardmore’s Energy Transition Plan.
