The joint venture requires the founding of a newly incorporated holdings firm.
By Michael McGrady, Maritime Direct Americas & Pacific Correspondent
BERMUDA — Ardmore Shipping Corporation, a publicly-traded firm based in Hamilton, Pembroke Parish, and with operations across the British Overseas Territory and the world, announced a new joint venture with the Element 1 Corp.
“We are very pleased to establish a strategic relationship with E1 and Maritime Partners to deliver this unique hydrogen delivery system to the marine sector,” notes Anthony Gurnee, the chief executive officer of Ardmore, in a statement.
“The establishment of e1 Marine and our investment in E1 advance our Energy Transition Plan, which includes a focus on transition technologies aimed at reducing carbon emissions in the shipping industry and utilizing Ardmore’s engineering and marketing capabilities to accelerate their deployment,” Ardmore added, via The Maritime Executive‘s reporting on the topic.
Ardmore’s interest in the joint venture and its work with E1 will be held by other ventures. This includes a newly incorporated holding company to oversee the Energy Transition Plan outlined by the joint venture.