AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) has said its AMPD Technologies Inc subsidiary has entered into a binding memorandum of understanding (MOU) with Unleash Future Boats GmbH (UFB) as part of an anticipated broader collaborative relationship between the two companies.
Under the MOU, which will bring in revenue of C$1.8 million, AMPD Technologies will develop and manufacture four Computing Containers which will be shipped to Schleswig-Holstein in Germany to commence “Proof of Concept” trials on a government-approved 42-kilometer test field for autonomous ships.
The company said the agreement marks an exciting new vertical for AMPD Technologies in the zero-emission, autonomous, maritime vessel market. The global autonomous ships market size was estimated to be worth US$5.8 billion in 2020 and is projected to reach US$14.2 billion by 2030, at a compound annual growth rate (CAGR) of 9.3% from 2020 to 2030.
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“UFB and AMPD share the vision of a sustainable, greener future,” AMPD Ventures CEO Anthony Brown said in a statement. “Having the opportunity to architect and build the next generation of digital infrastructure for maritime traffic, that will support zero-emissions watercraft, is very exciting.”
AMPD noted that UFB is an expert in water-based autonomous transportation and the recipient of the Regulatory Sandbox Innovations Award by the Federal Republic of Germany. The company develops sustainable solutions through electric drive systems with fuel cells and green hydrogen and previously introduced ZeroOne, the world's first fully autonomous ship with international registration and global insurance.
“We are very pleased to enter into a formal relationship with our Canadian partners, AMPD Technologies and their extremely impressive, high-performance computing capabilities,” Unleash Future Boats founder and CEO Lars Engelhard added.
AMPD said the signing of the definitive agreement contemplated by the MOU is contingent upon the successful awarding of funds from the German Federal Ministry for Digital and Transportation, regarding a previously submitted funding grant to develop the Digital Port Schleswig-Holstein. The grant award is anticipated by the fourth quarter of 2022, it added.
“Lars and his team in Germany have developed first-class expertise in autonomous vehicle technology and we are looking forward to building out this solution that will have global implications together,” Brown concluded.
AMPD Ventures, through its operating subsidiaries, AMPD Technologies Inc, Cloud A Computing Inc, and Departure Lounge Inc, provides a range of high-performance computing infrastructure and technology solutions designed to host, build, and monetize the metaverse.
Contact the author at stephen.gunnion@proactiveinvestors.com