CIBC Innovation Banking has provided a $20 million debt financing package to ZeroNorth to support its growth through further mergers and acquisitions, the company reports.
Launched in 2020 as a spin-off from Maersk Tankers, ZeroNorth offers six core services utilising data and AI to optimise voyages, vessel operations, and bunker decisions, growing from a six-person startup to a global team of 600 across ten locations.
In December 2024 the company reported its first month of positive EBITDA, reaching nearly $40 million in annual recurring revenue.
“The maritime industry is navigating unprecedented complexity, largely driven by the challenges of the energy transition and evolving regulations,” said Søren Meyer, CEO of ZeroNorth.
“To meet these demands effectively, the industry needs unified technology solutions that simplify operations and enhance decision-making. Our M&A strategy has enabled exactly that.”
“With this facility from CIBC Innovation Banking, we aim to continue our role as an industry consolidator, bringing together fragmented solutions to create greater value for customers and accelerate the energy transition for the industry.”
Previous acquisitions include Euronav’s Fleet Automatic Statistics and Tracking (FAST) platform and BTS, a Singapore-headquartered software platform for marine fuel suppliers. The company has also completed a merger with Alpha Ori Technologies to link their respective technologies.
