H2 tech firm closes funding round

The round is led by Chevron New Energies with additional investment from shipping and logistics company Crowley. The new funds are expected to enable ZEI to roll out and scale up production of its next generation fully integrated marine power system.

“We believe hydrogen is the best path to energy security and decarbonisation of the maritime industry,” said ZEI chief executive Joseph Pratt.

ZEI produces marine-specific turn-key fuel cell power and hydrogen storage systems that are designed to be as easy to install and operate as their diesel equivalents.

“Our intelligent, connected, reliable power systems are the only ones on the market built from the ground-up specifically to meet the rigorous demands of the marine community,” said ZEI executive vice president John Motlow.

“We are working to build solutions that truly enable the maritime industry to decarbonise without negatively impacting their operations,” he added.

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

“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.