Chevron New Energies and Crowley to fund hydrogen technology company
Chevron New Energies, Chevron’s unit focussing on low-carbon fuels and Crowley, US-based shipping and logistics company, will be funding hydrogen technology company Zero Emission Industries (ZEI) after the first close of its Series A funding round.
ZEI, formerly Golden Gate Zero Emission Marine, was launched in 2017 and focuses on developing hydrogen solutions for maritime applications.
The new funds are expected to enable ZEI to roll out its next-generation fully integrated marine power system and scale quickly to meet the demand within the maritime industry for zero-emission propulsion solutions.
“We believe hydrogen is the best path to energy security and decarbonisation of the maritime industry. Chevron and Crowley bring a wealth of global experience and an ability to scale deployment across the marine market”, said ZEI’s CEO Joseph Pratt.
The investments from Chevron and Crowley will help to create an integrated value chain from hydrogen production to power systems to vessels.
This collaboration will drive value for end users and partners alike through simplified and cost-effective fueling and power solutions made specifically for maritime, ZEI explains.
“As the maritime industry focuses on lower carbon opportunities, hydrogen is well-suited to address these, and we are excited to collaborate with ZEI to advance this potential”, said Austin Knight, vice president of hydrogen for Chevron New Energies.
“Chevron believes in the value of partnering to develop hydrogen solutions that have the potential to scale and support a lower carbon world, and this is a step in that direction.”
Chevron New Energies launched in 2021 to focus on establishing lower carbon businesses in carbon capture, usage and storage (CCUS), hydrogen, renewable fuels and products, offsets, and other emerging areas.
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