Maritime Partners acquires provider of clean energy technologies e1 Marine

Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has completed the acquisition of e1 Marine, a provider of clean energy technologies, including methanol-to-hydrogen generation products, which are said to provide an alternative, cleaner fuel source for marine vessels.

The technology comes from Element 1 Corp., a developer of hydrogen generation systems supporting the fuel cell industry.

Bick Brooks, Co-Founder and CEO of Maritime Partners, commented: “This acquisition marks a significant milestone in Maritime Partners’ commitment to environmental responsibility and innovation. 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.”

Dave Edlund, Co-Founder and CEO of Element 1 Corp., noted: “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.”

To note, the utilization of the e1 Marine generation technology by Maritime Partners is already underway. In May 2024, Maritime Partners signed a design basis agreement (DBA) with the U.S. Coast Guard for its M/V Hydrogen One towboat, “a first-of-its-kind” vessel to use this technology which converts stored methanol into hydrogen onboard the vessel.

Maritime Partners said the company believes this technology has the potential to “greatly reduce emissions and increase fueling efficiency while also providing a model for cleaner energy use.”

Dave Lee, Maritime Partners’ VP of Technology & Innovation, noted: “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. The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment.”

To remind, in 2023, e1 Marine and hydrogen fuel cell supplier PowerCell Group, in partnership with RIX Industries, conducted a string test of their respective technologies for a 200 kW propulsion chain as part of the validation of Maritime PartnersM/V Hydrogen One inland push boat.

According to PowerCell, at the time, the test results proved the viability of the concept that takes methanol fuel and converts it to hydrogen onboard ships before using the hydrogen in a fuel cell to generate power cleanly and efficiently.