Energy commodity trader Gunvor Group has made an investment in Artemis Technologies as a part of the company’s commitment to developing nonhydrocarbon solutions for maritime transportation.
The investment follows the recent award of a £33m ($44.7m) UK Government innovation grant to the Artemis Technologies-led Belfast Maritime Consortium, which aims to develop zero-emission high-speed ferries.
Artemis Technologies, founded in 2017, is an applied technologies spin-off of the Artemis Racing sailing team. The company has been developing new green technologies with various maritime applications.
Gunvor’s investment will support Artemis Technologies’ development of a transformative electric hydrofoiling propulsion system, the Artemis eFoiler, that will potentially power green vessels of the future.
“Artemis Technologies is working on a number of compelling innovations that will help decarbonise the maritime sector at a time when there is growing demand for low-carbon alternatives,” said Torbjörn Törnqvist, chairman of Gunvor Group.
“Gunvor has committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes, as well as to explore relevant commercial opportunities. There is no silver bullet to the climate change issue. Many solutions are needed,” Törnqvist added.