Maritime Partners acquires e1 Marine LLC

Image: Maritime Partners

Maritime Partners LLC has acquired e1 Marine LLC, whose methanol-to-hydrogen technology plays a key role in the first-of-its-kind M/V Hydrogen One towboat.

“This acquisition marks a significant milestone in Maritime Partners’ commitment to environmental responsibility and innovation,” said Bick Brooks, co-founder and CEO of Maritime Partners. “The integration of e1 Marine’s cutting-edge methanol-to-hydrogen technology with Maritime Partners’ extensive industry expertise promises to revolutionize marine power applications and pave the way for a greener future.”

Utilization of the e1 Marine generation technology by Maritime Partners is already underway. In May, Maritime Partners signed a Design Basis Agreement (DBA) with the U.S. Coast Guard for the M/V Hydrogen One towboat, which uses the new, cleaner technology to convert stored methanol into hydrogen onboard the vessel. The produced hydrogen is output, on-demand, to a fuel cell to generate power for the vessel. A successful string test of this technology was completed in Gothenburg, Sweden, in June 2023, proving it to be a viable option as the sole power generation source for vessel propulsion.

The technology was developed by Bend, Oregon, headquartered Element 1 Corp., a leading developer of advanced hydrogen generation systems supporting the fuel cell industry. e1 Marine was established in March 2021 as a joint venture in which Element 1, Maritime Partners and product tanker specialist Ardmore Shipping Corporation were equal participants.

“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 revolutionize marine propulsion,” said Dave Edlund, co-founder and CEO of Element 1 Corp. “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 decarbonize, Maritime Partners believes this technology has the potential to greatly reduce emissions and increase fueling efficiency while also providing a model for cleaner energy use.

“Maritime Partners is strongly committed to developing and utilizing sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient,” said Dave Lee, Maritime Partners’ VP of technology & innovation. “The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment.”