MARITIME PARTNERS SIGNS DESIGN BASIS AGREEMENT WITH U.S. COAST GUARD FOR M/V HYDROGEN ONE POWER SYSTEM

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May 03, 2024, 17:37 ET

Signed Agreement Makes Way for Cleaner Marine Vessel Technology

NEW ORLEANS, May 3, 2024 /PRNewswire/ -- Maritime Partners, LLC ("Maritime Partners"), a leading provider of maritime financing solutions primarily focused on Jones Act vessels, has received a Design Basis Agreement ("DBA") from the U.S. Coast Guard for the M/V Hydrogen One towboat that includes e1 Marine hydrogen generator technology that will be utilized for the vessel's power plant.

M/V Hydrogen One is being designed as a first-of-its-kind vessel using new, cleaner, fuel cell technology that works by converting stored methanol to hydrogen. The produced hydrogen is output, on-demand, to the 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 signing of this agreement opens the pathway for us to deploy our technological capabilities," said Bick Brooks, co-founder and CEO of Maritime Partners. "With this, Hydrogen One is one step closer to becoming the world's first vessel to utilize hydrogen generator technology greatly reducing emissions, increasing efficiency and providing a model for cleaner energy use as the industry continues to seek ways to decarbonize."

The DBA process was established by the U.S. Coast Guard to set the rules for new and novel technology proposed for installation on marine vessels. Maritime Partners worked with several industry leaders on the Hydrogen One project, including Seattle-based Elliott Bay Design Group, who is designing the towboat; Bourg, La.-based Intracoastal Iron Works who is the selected shipyard; e1 Marine, RIX Industries, Power Cell Group, among others, in order to work through the U.S. Coast Guard requirements.

"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 development of Hydrogen One is part of that commitment," said Dave Lee, Maritime Partners' VP of Technology & Innovation.

The signing of this DBA ensures that as the M/V Hydrogen One project advances Maritime Partners will be working towards an agreed upon framework with the U.S. Coast Guard for the design, arrangement, and engineering aspects of the power system and associated safety systems for plan review, inspection, and eventual certification of the M/V Hydrogen One.

ABOUT MARITIME PARTNERS

Maritime Partners, LLC is a leading provider of maritime financing solutions, specializing in vessels that are used in the domestic Jones Act trade. With a managed fleet of approximately 1,850 vessels in service, we offer tailored leasing services to operators across the full spectrum of credit quality. A privately held company founded in 2015, Maritime Partners, LLC provides the assets that transport the commodities that represent the primary building blocks of the domestic economy, including agricultural products, chemicals, aggregates, crude oil, and refined petroleum products. Our management team leverages more than 50 years of operational experience in chartering, asset management, shipbuilding, and financing across all marine asset classes. To learn more about Maritime Partners, LLC please visit www.maritimepartnersllc.com.

CONTACT:
Greg Chase
Maritime Partners, LLC
[email protected]
(504) 264-5870

SOURCE Maritime Partners, LLC