Chevron New Energies and Crowley are funding Zero Emission Industries (ZEI) after the first close of a Series A round.
Their support will help ZEI scale up marine hydrogen fuel cell power systems and storage systems, and develop an integrated value chain, from hydrogen production to vessels.
Chevron New Energies, launched in 2021, focuses on establishing lower carbon businesses in CCUS, hydrogen, renewable fuels and products, offsets, and other emerging areas.
Tom Crowley, Chairman and CEO, said, “We cannot reach net-zero emissions without collaboration that produces new ideas by partners and stakeholders.”
Austin Knight, Vice President for Hydrogen for Chevron New Energies, said, “As the maritime industry focuses on lower carbon opportunities, hydrogen is well-suited to address these.”
ZEI, founded in 2015, and formerly ‘Golden Gate Zero Emission Marine’ before a rebrand last year, acknowledges that hydrogen fuel cell technology is complex but it is on a mission to “break down the obstacles to adoption.”
The ZEP 250 aims to revolutionise maritime fuel cell power, with the company claiming it can install a fuel cell module in four steps without any system expertise.
CEO Joseph Pratt, said, “We believe hydrogen is the best path to energy security and decarbonisation of the maritime industry.”