Ardmore Shipping has unveiled a new strategic investment and joint venture with Element 1 Corp, a leading developer of advanced hydrogen generation systems, and Maritime Partners to deliver hydrogen power to the marine sector.
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.
The letter of intent, signed on Monday (15th March), outlines that the parties will propose the purpose and delivery of Element 1’s unique methanol-to-hydrogen fuel cell technology, which can produce hydrogen on demand at the point of consumption.
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