Acquisition paves way for hydrogen-powered maritime solutions

Maritime Partners, LLC, which offers maritime financing solutions primarily focused on vessels used in the domestic Jones Act trade, has successfully completed its acquisition of e1 Marine LLC, a provider of hydrogen generation technology for the marine sector. Bick Brooks, co-founder and CEO of Maritime Partners, described the acquisition as a milestone in the company’s commitment to environmental responsibility and innovation.

“The integration of e1 Marine’s cutting-edge methanol-to-hydrogen technology with Maritime Partners’ extensive industry expertise promises to revolutionize marine power applications and pave the way for a greener future,” Brooks stated.

e1 Marine’s clean energy technologies include advanced methanol-to-hydrogen generation products that can serve as an alternative, cleaner fuel source for marine vessels. The compact, scalable and energy efficient technology is licensed to e1 Marine by Element 1 Corp., a developer of advanced hydrogen generation systems supporting the fuel cell industry.

Utilization of the methanol-to-hydrogen technology by Maritime Partners is already underway. In May 2024, Maritime Partners signed a Design Basis Agreement (DBA) with the U.S. Coast Guard for its M/V Hydrogen One towboat, said to be the first such vessel to use onboard technology to convert stored methanol into hydrogen.

“Maritime Partners is strongly committed to developing and utilizing sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient,” said Dave Lee, Maritime Partners’ VP of Technology & Innovation. “The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment.”