Ardmore Shipping agrees on clean energy investment
Bermudian-based Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has entered into definitive agreements for the previously announced strategic investment into Element 1 Corp's unique methanol-to-hydrogen technology, the company said.
Ardmore said the investment includes the establishment of the e1 Marine joint venture and Ardmore's purchase of an approximately 10 per cent equity stake in Element 1 Corp.
On its website, Element 1 Corp describes itself as a developer of small-scale to micro-scale clean energy technologies, including advanced hydrogen generation systems supporting the fuel cell industry.
In a related transaction, Ardmore said it has also entered into a definitive agreement for Maritime Partners, LLC to invest at least $25 million and up to $40 million in the company's newly created Series A 8.5 per cent cumulative redeemable perpetual preferred shares.
Ardmore added that e1 Marine has hired Stuart Crawford as managing director.
Mr Crawford has more than 35 years of technical, operational, and commercial management executive experience in the marine industry, having previously held positions at Teekay, Seaspan, Pioneer, and Clean Ocean LNG, the company said.