In a move to decarbonize the maritime industry, Monaco-based shipping firm Scorpio Group has made a strategic investment in Britishvolt. Although the exact amount remains confidential, market sources suggest the investment is in the single digit millions.
Britishvolt, the Northumberland-based maker of low-carbon batteries called the development a significant move towards the “Race to Zero”, with the maritime sector exploring fuels and propulsion systems in the “Wave to Zero”. Through this partnership, the two companies will contribute to battery innovation in the maritime space.
The future of maritime propulsion and power storage is likely to lead the shipping industry to increasingly embrace battery power, Britishvolt said.
“These more polluting, heavy duty, modes of transport need to look at best solutions for lowering emissions,” Britishvolt’s Chief Investment Officer Kasra Pezeshki said, adding more announcements regarding the company’s cell chemistries and formats would follow.
With this investment Scorpio demonstrates its determination to play a leading role in the decarbonisation of the maritime sector, the CFO said.
Commenting on the partnership, Filippo Lauro, Vice-President, Scorpio Group explained that access to the UK’s cutting-edge scientific community will enable them to work together to further accelerate green-propulsion and potentially power storage solutions for the maritime sector.
“The UK is a seafaring nation and also a world leader in battery and maritime innovation,” said David Morant, Managing Director Scorpio UK. “This partnership will further solidify that leadership.”
The investment by Scorpio Group follows memorandums of understanding Britishvolt signed earlier this year with both Lotus Cars and Aston Martin.
Lotus Cars, the Norfolk-based carmaker is developing an electric sports car with advanced electric propulsion technologies. The vehicle will be powered by Britishvolt cells.
Britishvolt’s collaboration with Aston Martin, the ultra-luxury carmaker, further supports its plans to launch its first battery electric vehicle in 2025, said the English sustainable battery maker.
“The time has come to transition from fossil fuels to clean, renewable, low carbon electricity,” said Orral Nadjari, Founder and CEO, Britishvolt. “The world deserves a clean air future for all.”