California-based Zero Emissions Industries ZEI announced the closing of its Series A funding round on Thursday. This round was led by Chevron New Energies with support from Crowley.
ZEI produces turn-key fuel cell power and hydrogen storage systems with superior performance specifically for the marine industry. This fund will propel ZEI forward in its zero-emission propulsion solution.
ZEI will now proceed to roll out its next-generation fully integrated marine power system and scale to meet the industry demand. The company’s CEO, Dr. Joseph Pratt, is the leader of a team of hydrogen and maritime experts. These experts have deep technical knowledge and expertise in the design, development, and deployment of critical hydrogen technology, including the fuel cell power system.
‘We believe hydrogen is the best path to energy security and decarbonization of the maritime industry. 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,’ said ZEI CEO Dr. Joseph Pratt.
The investments from US-based shipping and logistics company Crowley and energy major Chevron will create an integrated value chain from hydrogen production to its operation and storage. Consumers, including partners and end users, will experience value when fueling with hydrogen through simplified and cost-effective power solutions.
Austin Knight, vice president of hydrogen for Chevron New Energies, said, ‘As the maritime industry focuses on lower carbon opportunities, hydrogen is well-suited to address these, and we are excited to collaborate with ZEI to advance this potential. Chevron believes in the value of partnering to develop hydrogen solutions that have the potential to scale and support a lower carbon world, and this is a step in that direction.’
Zero Emission Industries launched its hydrogen technology company in 2017. Best known for the Sea Change (the first commercial hydrogen fuel cell ferry in the world), it is a marine power solution provider. It will combine its industrial expertise and innovative approach with better strategy from Chevron and Crowley to accelerate the deployment of hydrogen technologies across the maritime industry.
‘Investing in and developing innovative, clean energy solutions such as hydrogen is critical to reaching the maritime industry’s decarbonization goals. We cannot reach net-zero emissions without collaboration that produces new ideas by partners and stakeholders. Working with Chevron and ZEI is an opportunity to help lead the shipping and logistics industry – and the communities we serve – to reach a more sustainable future,’ said Tom Crowley, the company’s chairman, and CEO.
About Chevron
Chevron is a world leader in energy production. It is committed to providing affordable, reliable, and clean energy for a sustainable world. The focus is a reduced carbon-controlled operation across its operation and other companies generally.
Chevron produces crude oil and natural gas used as transportation fuels. They also manufacture petrochemicals, lubricants, and additives while developing novel technologies for better industry performance. As a result, the company launched a branch, Chevron New Energies, in 2021 to focus on establishing lower carbon businesses in CCUS, renewable fuels and products, hydrogen, offsets, and other emerging areas.
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