Ardmore Shipping Corporation, Element 1 Corp. (E1), and Maritime Partners, LLC on Monday (15 March) proposed to establish a joint venture for the purpose of delivering E1’s unique methanol-to-hydrogen technology to the marine sector, among other developments.
Ardmore, E1 and MP will establish “e1 Marine,” each owning 33.3% of the joint venture.
Element 1 is a leading developer of advanced hydrogen generation systems used to power fuel cells with broad use in mobile applications and remote locations such as marine, trucking, automotive, off-road vehicles, rail, warehousing, and backup power supply sectors.
E1’s proprietary technology produces hydrogen on demand at the point of consumption, eliminating the logistical challenges and costs inherent in distributing compressed hydrogen.
“We are excited about the market opportunity for E1’s methanol-to-hydrogen technology,” commented Anthony Gurnee, Ardmore’s Chief Executive Officer.
“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.
“The E1 system is carbon-neutral when run on renewable methanol, should prove to be very cost competitive with other alternatives, and if desired can be built or retrofitted to run on ammonia.”
E1’s methanol-to-hydrogen technology offers a broad solution to offer the supply of hydrogen as feedstock to fuel cells.
“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,” replied Dr. Dave Edlund Co-Founder and CEO of Element 1 Corp.
“This strategic relationship is the direct result of our partners’ vision as well as their commitment to environmental responsibility.”
Maritime Partners a provider of flexible financing solutions and newbuilding support to the maritime industry, with a focus on Jones Act vessels and inland marine transportation, was optimistic of the development.
“We are pleased to partner with E1 and Ardmore to drive the adoption of E1’s hydrogen purification technology across the global maritime landscape,” said Bick Brooks, Co-Founder and CEO of Maritime Partners LLC.
“We are particularly excited about the applications for this technology within the inland marine industry, as it offers the potential to materially lower carbon emissions in the near-term and provide a clear path to achieving a zero-carbon footprint. Importantly, we believe this technology is currently cost competitive with diesel internal combustion engines.”
Photo credit: Kobu Agency
Published: 17 March, 2021
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