Ardmore Shipping today (June 4) said it has inked a deal to invest in Element 1’s unique methanol-to-hydrogen technology, building on its previous joint venture and strategic investment.
With this agreement, it is expected that it will include the establishment of the e1 Marine joint venture in addition to Ardmore’s purchase of a 10% equity stake in Element 1 Corp.
The joint venture is positioned to meet the needs of the sector for the safe and efficient delivery of hydrogen onboard for mid-size power applications.
It is believed it will result in a significant and cost-effective reduction in CO2 emissions when using standard methanol versus gasoil, fully carbon-neutral when using renewable methanol, and can be used to run on ammonia if desired.
Element 1’s unique methanol-to-hydrogen fuel cell technology can produce hydrogen on demand at the point of consumption eliminating the logistical challenge and costs inherent in distributing compressed hydrogen.
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