Tuesday, October 4, 2022
Maritime Propulsion

September 8, 2022

Crowley and Chevron Invest in Zero Emission Industries

ZEI, formerly Golden Gate Zero Emission Marine, launched 2017, is a hydrogen technology company that develops and sells power systems for a range of marine applications. It is best known for the Sea Change, the first commercial hydrogen fuel cell ferry in the world. (Photo: All American Marine)

U.S.-based shipping and logistics company Crowley and energy major Chevron are among investors backing maritime hydrogen technology company Zero Emission Industries (ZEI). 

California-based ZEI on Thursday announced the first close of its Series A funding round led by Chevron New Energies with additional investment from Crowley. The company, which produces marine-specific turn-key fuel cell power and hydrogen storage systems, said the funds will help it to roll out its next generation fully integrated marine power system and scale to meet the industry demand for zero emission propulsion solutions.

"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 Joseph Pratt.

The investments from Chevron and Crowley create an integrated value chain from hydrogen production to power systems to vessels.

"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," said Austin Knight, vice president of hydrogen for Chevron New Energies. "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."

Chevron New Energies launched in 2021 to focus on establishing lower carbon businesses in CCUS, hydrogen, renewable fuels and products, offsets, and other emerging areas.

"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," said Tom Crowley, the company's chairman and CEO. "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."