Global Energy Ventures Ltd (ASX:GEV) thanks retiring founder and chairman Maurice Brand for his considerable contribution to the company and the development of a bankable compressed natural gas shipping model.
Brand, who intends to retire from the board at the company’s annual general meeting on November 25, 2021, was instrumental in the development of GEV’s strategy in 2016.
During his time as a key executive, board member and major shareholder, Brand has played a major role in developing the CNG Optimum gas carrier to be a construction-ready transport solution for natural gas, which remains relevant today.
The company has since utilised the IP for compressed shipping solutions into the development of the world’s first compressed hydrogen carrier that can deliver a zero-carbon shipping solution for the emerging hydrogen economy.
“One of the true entrepreneurs”
Managing director and CEO Martin Carolan said: “On behalf of the GEV team and shareholders, I would like to extend my heartfelt thanks and best wishes to Maurice, who has been a great support to me professionally for many years, including my time with GEV for which I owe him a huge amount of gratitude.
"Maurice is one of the true entrepreneurs who has not let someone with an opposite view distract him or change his positive spirit in business and in life in general.
"We wish him the very best in retirement and look forward to his ongoing support as a shareholder."
“Right time to retire”
Brand said: “Having been an ASX listed company director for over 30 years and with such a talented and competent team of executives and directors in place it is the right time to retire.
"I will watch with considerable interest the exciting implementation stage that GEV is now embracing and will continue to maintain a shareholding. I am very confident that I will see the construction of the first compressed gas and hydrogen ship in the near term.
"I wish executive directors Martin and Garry and directors Andrew and David all the best and will continue to be available to assist in any way to achieve the GEV vision.”
New non-executive director
In conjunction with Brand’s retirement, the company has continued to review and build upon the required skills, experience and independence of the board and has, therefore, announced the appointment of David Palmer as an independent non-executive director effective November 1, 2021.
Palmer will seek re-election at the upcoming AGM, and subject to his re-election, will continue as a non-executive director to focus on the execution of GEV’s strategy for compressed shipping solutions.
“Unique skillset”
Carolan said: "I would also like to welcome David Palmer to the team at GEV. We are very fortunate to have secured David’s unique skillset that brings extensive deal-making capability to the company.
"David has an impressive track record in shipping strategy, financing, and operations, and his knowledge, experience and global network will be highly valuable to GEV upon his appointment.”
Palmer holds a Master’s Degree in Economics from Cambridge University and has extensive experience and an international network in the global shipping industry spanning more than 40 years.
This includes senior executive and management positions with the Swire Group, Stolt-Neilsen Limited, IMC Pan Asia Alliance Group and Wah Kwong Maritime Transport Limited.
Wealth of experience
His wealth of shipping experience covers ship marketing, operations and logistics, fleet development, vessel financing, and onshore and offshore terminal development and operations, which will benefit GEV’s business plan.
Palmer is currently serving as the CFO and COO of Britoil Offshore Services Ltd in Singapore, having worked in recent years for highly-regarding ship owners in financial, operational, newbuild and turn-around roles.
In 2018, Palmer completed a 12-year career as CEO of Pareto Securities Asia Ltd, a Norwegian investment bank.
During his tenure, the Asian office of Pareto Securities Asia Ltd concluded 40+ offshore and ship-related transactions with a total deal value exceeding US$10 billion.
Clients included major Middle Eastern and Asian shipping groups and transactions covered initial public offerings, mergers and acquisitions, private placements, vessel sales, leasebacks, and purchases, and vessel newbuilds.
Commenting on his appointment, Palmer said: “I look forward to helping GEV achieve a 'world first' in the commercial shipping of compressed CNG and hydrogen. The technology involved is exciting and I see a defined path to actual operations.”