Energy commodities traders Gunvor Group has made an investment in Artemis Technologies to support the development of nonhydrocarbon fuel options for maritime transportation.
The investment by Gunvor follows the recent award of a £33 million UK Government innovation grant to the Artemis Technologies-led Belfast Maritime Consortium, which aims to develop zero-emission high-speed ferries.
Artemis Technologies, founded in 2017, is a commercial applied technologies spin-off of the Artemis Racing sailing team, which competed in the America’s Cup. Gunvor’s investment will aid its development of an electric hydrofoiling propulsion system, the Artemis eFoiler.
The vessels developed as a part of the Belfast project will operate with up to 90% less energy than traditional ferries, the partners claim, with the capability of carrying up to 350 passengers and producing zero emissions during operation.
The eFoiler system combines technologies from the 13-partner Belfast syndicate, which includes a mix of companies within the maritime, aerospace, energy, and automotive industries, as well as academic institutions and public bodies.
“With approximately 30% of ship emissions coming from domestic voyages, the maritime sector is under pressure to develop and adopt new disruptive innovations,” said CEO of Artemis Technologies, Dr Iain Percy.
“This means that reducing emissions on smaller domestic fleets, which typically make these shorter journeys, will be key in meeting net zero goals.”