Global Energy Ventures Ltd (ASX:GEV) (OTCMKTS:GBBLF) has signed a Memorandum of Understanding (MOU) with Wärtsilä Australia Pty Ltd to develop the C-H2 Ship propulsion system.
The main objective of the MOU is for GEV and Wärtsilä to review the various low emission propulsion solutions, including the use of alternate fuels, for application in GEV’s proposed and proprietary hydrogen marine transportation vessels (C-H2 Ship).
Both companies will also cooperate on the potential inclusion of Wärtsilä’s propulsion systems in GEV’s C-H2 Ships, with the near-term objective to advance GEV’s Approval in Principle application with the American Bureau of Shipping for the 430 tonnes C-H2 Ship.
They will also cooperate to demonstrate the availability and outlook for highly efficient and low emission propulsion systems for C-H2 Ships, including the integration of fuel cell applications to be provided by Ballard Power Systems.
Sustainable shipping solution
GEV managing director and CEO Martin Carolan said: “We look forward to working closely with Wärtsilä on this project.
“We have shown that C-H2 shipping is ideally suited for exporting green hydrogen with a lower delivered cost and having a technology leader such as Wärtsilä with us, we can deliver a shipping solution that is completely sustainable.”
Credible technical development partner
Wärtsilä Oyj Abp (HEL:WRT1V) adds to the list of highly credible technical development partners working on advancing ABS approvals, and ultimately the construction and operation of GEV’s C-H2 shipping solution.
It is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets.
By emphasising sustainable innovation, total efficiency, and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers.
In 2020, Wärtsilä's net sales totalled €4.6 billion with about 18,000 employees.