Ardmore seals deal on Element 1 investment
Ardmore Shipping Corporation has inked definitive agreements for the investment into Element 1 Corp.’s methanol-to-hydrogen technology.
The initial deal was revealed in March and it includes the establishment of the e1 Marine joint venture and Ardmore’s purchase of an approximately 10% equity stake in Element 1 Corp.
Oregon-based E1 has developed advanced hydrogen generation systems used to power fuel cells with broad use in mobile applications and remote locations.
The technology produces hydrogen on demand at the point of consumption, eliminating the logistical challenges and costs inherent in distributing compressed hydrogen.
It emits zero particulates, zero NOx, zero SOx, and 30-50% less carbon than a diesel engine of the same power rating.
In a related transaction, Ardmore also entered into a definitive agreement for Maritime Partners to invest at least $25 million and up to $40 million in the company’s newly created Series A 8.5% Cumulative Redeemable Perpetual Preferred Shares.
e1 Marine has hired Stuart Crawford as Managing Director. Mr. Crawford has more than 35 years of technical, operational, and commercial management executive experience in the marine industry, having previously held positions at Teekay, Seaspan, Pioneer, and Clean Ocean LNG.
The move is part of the company’s energy transition plan. The main elements of Ardmore’s energy transition plan include continued improvements in fuel efficiency as well as early adoption of zero-carbon fuels.