Hydrogen technology start-up Zero Emission Industries (ZEI) has scored investments from Crowley and energy major Chevron.
The Series A funding round is expected to help the company roll out its pioneering hydrogen marine power systems for shipping, as well as pump up its scale to meet demand for zero-emission propulsion solutions in shipping.
ZEI is the developer of the 75-passenger Sea Change, the first hydrogen fuel cell-powered ferry in the US. Owned by Switch Maritime and also powered by batteries, the vessel was built by Bay Ship & Yacht in California before it was finished at Washington state shipyard All American Marine, with plans to operate it in San Francisco.
“We believe hydrogen is the best path to energy security and decarbonisation of the maritime industry,” ZEI chief executive Joseph Pratt said. “Chevron and Crowley bring a wealth of global experience and an ability to scale deployment across the marine market.”
The amount of the funding round has not been released.
Chevron New Energies, the California oil company’s unit focused on low-carbon investments, led the round.
“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,” said Austin Knight, vice president of hydrogen for Chevron New Energies.
“Chevron believes in the value of partnering to develop hydrogen solutions that have the potential to scale and support a lower carbon world, and this is a step in that direction.”
ZEI said the investments from the energy giant and Crowley, a Florida-based shipping and logistics company, create an integrated value chain from hydrogen production to power systems to vessels.
Tom Crowley, chief executive of Crowley, said investing in clean energy solutions like hydrogen is key to meeting the decarbonisation goals of the maritime sector.
“Crowley can only reach net-zero emissions with collaboration that produces new ideas by partners and stakeholders,” he said.
“Working with Chevron and ZEI is an opportunity to help lead the shipping and logistics industry — and the communities we serve — to reach a more sustainable future.”
