Both companies invested in US startup Zero Emission Industries’ (ZEI) series A funding round
The recipient of the funding, ZEI, best-known for its participation in the hydrogen fuel cell and battery-hybrid ferry project Sea Change, said it produces marine-specific turnkey fuel cell power and hydrogen storage systems.
The funding is expected to allow the company to scale rapidly and begin production of a fully integrated, hydrogen-based marine propulsion system.
“Chevron and Crowley bring a wealth of global experience and an ability to scale deployment across the marine market. We’re excited to leverage this partnership with our industry-leading technology to achieve exponential growth of the marine hydrogen market,” ZEI chief executive Joseph Pratt said. “The investments from Chevron and Crowley create an integrated value chain from hydrogen production to power systems to vessels.”
According to ZEI, the collaboration will result in simplified and cost-effective fuelling and propulsion and power systems made specifically for maritime.
Zero Emission Industries, which was formerly called Golden Gate Zero Emission Marine, launched in 2017 as a hydrogen technology company that develops and sells power systems for a range of marine applications. ZEI’s propulsion system powers Sea Change, the first commercial hydrogen fuel-cell ferry in the world.
The vessel is designed to carry 84 passengers at a top speed of 22 knots. It is an aluminium-hulled catamaran that is fitted with a hydrogen fuel cell and battery, operating with minimal noise and vibration, and emitting nothing but warm water vapour and water that will be used as drinking water for passengers.
Underpinned by government policy, hydrogen and fuel cells are gaining momentum in the clean energy transition, with one of the latest and largest boosts coming from the US. Signed into law by President Biden in August, the Inflation Reduction Act of 2022 creates a new clean hydrogen production tax credit, aimed at spurring private investment in green hydrogen.
The law follows passage of the Infrastructure Investment and Jobs Creation Act last year. That bill includes US$8Bn for developing large-scale regional green hydrogen hubs, US$1Bn for hydrogen electrolysis R&D, and US$500M for hydrogen manufacturing and recycling. Additionally, the US Government is directed to develop a national hydrogen roadmap and strategy. Part of that will be reducing costs. Through its Hydrogen Energy Earth Shot, the US Department of Energy is pushing to reduce the cost of green hydrogen by 80% by the end of the decade to US$1 per kilogram.
Maritime, one of the hard-to-abate sectors, will be one of the beneficiaries of the legislation and subsequent investment in the development of a green hydrogen infrastructure and supply chain.
