ChemicalsTankers

Navig8 Ltd. And Doosan Fuel Cell Co., Ltd. Announce Cooperative Agreement

By November 18, 2020 No Comments

We are pleased to announce that an agreement has been reached between Doosan Fuel Cell Co., Ltd. and Navig8 Ltd.

Navig8 owns, operates or manages a fleet in excess of 150 oil and chemical tankers, and is the world’s largest independently owned Tanker Pool operator.

Doosan Fuel Cell Co. has developed proprietary technology to introduce the world’s first commercial fuel cell system and has established itself as the global leader in providing stationary fuel cell systems.

Navig8 and Doosan will cooperate in the development of a Fuel Cell solution for Maritime sector application. 

Navig8 will bring to the venture a global shipping network, access to maritime and financial markets, as well as considerable technical experience and contacts, having supervised the construction of 116 Newbuild tankers over the last 7 years at a wide range of yards.

Doosan will bring to the venture the proprietary system which will enable the electrification of the Maritime Industry. This will allow vessels to easily comply with the emission guidelines for reducing GHG levels set by the IMO within the stipulated timeline  (i.e. 40% reduction of CO2 Emissions by 2030,70% reduction of CO2, and 50% reduction of GHG levels by 2050). Most importantly, the venture will endeavor to exceed these targets and works towards a zero carbon emission goal.

“We are excited to bring our expertise to this important initiative and to pioneer an enhanced Energy efficiency solution. We look forward to working with the shipping industry, as the industry strives towards decarbonisation” said Gary Brocklesby, Navig8 Chairman.

“Doosan’s extensive engineering and fuel cell experience have made them the natural partner for Navig8, as we take this collective step towards a greener maritime industry”. 

“We believe that the cooperation with Navig8, who maintains extensive knowledge of the shipping industry and a strong presence within the maritime community, will drastically accelerate the development and commercialization of marine fuel cell system.” said Yoo Soo-kyung, Doosan Fuel Cell CEO.

Doosan Fuel Cells are at an advanced stage of feasibility studies, and the aim is to progress towards a prototype.

While no specific vessel has been targeted to pilot at this stage, LNG Fuel is likely to be the fuel of choice in the first phase of development, with next phase developments incorporating Ammonia and Hydrogen as fuels.

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