CMM Secures Funding to Facilitate Construction of Ethanol-Powered PSV Fleet
Compagnie Maritime Monegasque (CMM) has secured $94 million in financing from Summit Ridge Capital Partners, which will help the company construct pioneering ethanol-powered fleet of Platform Supply Vessels (PSVs) in Brazil.
The financing will enable CMM to recompose its shareholder structure and to expand its fleet, the company said. Panorama Capital Partners sourced and advised on the transaction, and participated as a co-investor.
As part of this expansion, CMM will construct pioneering ethanol powered PSV fleet in Brazil. This is a new use of ethanol as fuel in an industry in dire need of decarbonization and will boost CMM’s profile as the operator of environmentally sustainable maritime solutions.
"Summit Ridge is proud to support CMM's innovative approach to maritime logistics. This strategic investment reflects our ongoing commitment to environmental stewardship and our belief in Brazilian Shipping and the economic potential of sustainable energy solutions,” said Christopher Park, CEO of Summit Ridge.
"We are thrilled to partner with Summit Ridge and Panorama on this transformative journey. This financing not only strengthens our capital structure but significantly accelerates our transition to a sustainable fleet, offering both environmental and economic benefits on a global scale,” added Christophe Vancauwenbergh, CEO of CMM.