Zero Emission Industries (ZEI) (a leading maritime hydrogen technology company) announced the first close of its Series A funding round.
The round is led by Chevron New Energies with additional investment from US-based shipping and logistics company Crowley.
The new funds are expected to enable ZEI to roll out their next-generation fully integrated marine power system and scale quickly to meet the demand within the maritime industry for their zero-emission propulsion solutions.
The investments from Chevron and Crowley create an integrated value chain from hydrogen production to power systems to vessels. This collaboration will drive value for end users and partners through simplified, cost-effective fueling and power solutions made specifically for maritime.
ZEI’s technical expertise and innovative approach, combined with strategic partners Chevron and Crowley, will help enable the accelerated deployment of hydrogen technologies across the maritime market to create lower carbon and potentially zero emission power for the industry
Joseph Pratt, ZEI CEO, said, “We’re excited to leverage this partnership with our industry-leading technology to achieve exponential growth in the marine hydrogen market.”
John Motlow, ZEI Executive VP, said, “Designed to be as easy to install and operate as a marine diesel engine, we are working to build solutions enabling the maritime industry to decarbonize without negatively impacting their operations.”
Austin Knight, vice president of hydrogen for Chevron New Energies, said, “As the maritime industry focuses on lower carbon opportunities, hydrogen is well-suited to address these, and we are excited to collaborate with ZEI to advance this potential.”
Tom Crowley, chairman and CEO of Crowley, said, “Investing in and developing innovative, clean energy solutions such as hydrogen is critical to reaching the maritime industry’s decarbonization goals. We cannot reach net-zero emissions without collaboration that produces new ideas by partners and stakeholders.”