Maritime Partners Acquires e1 Marine
Louisiana-based maritime financing company Maritime Partners on Monday announced it has completed its acquisition of e1 Marine, a company that produces hydrogen generation technology for the marine sector.
Originally formed as a partnership between Maritime Partners, Element 1 and Ardmore Shipping, e1 Marine provides clean energy technologies, including advanced methanol-to-hydrogen generation products, which provide an alternative, cleaner fuel source for marine vessels. The technology comes from Element 1., a developer of advanced hydrogen generation systems supporting the fuel cell industry.
"This acquisition marks a significant milestone in Maritime Partners' commitment to environmental responsibility and innovation," said Bick Brooks, co-founder and CEO of Maritime Partners. "The integration of e1 Marine's cutting-edge methanol-to-hydrogen technology with Maritime Partners' extensive industry expertise promises to revolutionize marine power applications and pave the way for a greener future."
"As the licensor of compact, scalable and energy efficient methanol-to-hydrogen technology to e1 Marine, Element 1 Corp looks forward to fully supporting Maritime Partners and e1 Marine in their effort to revolutionize marine propulsion," said Dave Edlund, co-founder and CEO of Element 1 Corp. "The commitment of Maritime Partners to environmental stewardship, combined with their capability to execute, are truly impressive and Element 1 is proud to be part of the team."
Maritime Partners is currently working to implement the e1 Marine generation technology on board Hydrogen One, a first-of-its-kind towboat to be built by Bourg, La. shipyard Intracoastal Iron Works and operated by Jeffersonville, Ind.-headquartered American Commercial Barge Line (ACBL). In May, Maritime Partners signed a Design Basis Agreement (DBA) with the U.S. Coast Guard in a move that helps clear the regulatory path for the new, cleaner technology—which converts stored methanol into hydrogen—to be installed and operated onboard the groundbreaking vessel.
"Maritime Partners is strongly committed to developing and utilizing sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient," said Dave Lee, Maritime Partners' VP of Technology & Innovation. "The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment."