US provider of maritime financing solutions primarily focused on Jones Act vessels Maritime Partners has completed the successful acquisition of e1 Marine, a pioneering player in hydrogen generation technology for the marine sector.
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 Corp, a developer of advanced hydrogen generation systems supporting the fuel cell industry.
Bick Brooks, Maritime Partners co-founder and CEO said: “This acquisition marks a significant milestone in Maritime Partners’ commitment to environmental responsibility and innovation. The integration of e1 Marine’s cutting-edge methanol-to-hydrogen technology with Maritime Partners’ extensive industry expertise promises to revolutionise marine power applications and pave the way for a greener future.”
Use of the e1 Marine generation technology by Maritime Partners is already underway. In May 2024, Maritime Partners signed a Design Basis Agreement (DBA) with the US Coast Guard for its Hydrogen One towboat, a first-of-its-kind vessel to use the new, cleaner technology which converts stored methanol into hydrogen onboard the vessel.
Dave Edlund, co-founder and CEO Element 1 Corp said: “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 revolutionise marine propulsion. 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.”
As the maritime industry continues to seek ways to decarbonise, Maritime Partners believes this technology has the potential to greatly reduce emissions and increase fuelling efficiency while also providing a model for cleaner energy use.
Dave Lee, Maritime Partners VP Technology and Innovation said: “Maritime Partners is strongly committed to developing and utilising sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient. The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment.”
Image: e1 Marine hydrogen generator module (source: e1 Marine)
