CMB.TECH snapped up for €1.15 billion

CMB.TECH is the clean tech British arm Belgian firm (CMB (Compagnie Maritime Belge) and specialises in making hydrogen and green ammonia systems for all kinds of industrial machinery as well as for marine, its biggest segment.

In marine it has already developed dual-fuel diesel engines with H₂ and ammonia for offshore wind and ferries, as well as the pure hydrogen it has rolled out in the Hydrotug.

The company believes that combustion engines are cheaper than other technologies, reliable and can be deployed at MW scale – and by burning hydrgen or ammonia they emit no CO₂.

The purchase is a clear sign of a shift in Euronav’s business strategy, which has traditionally focused on tankers. Indeed, once the deal is finalised in February 2024, Euronav says it will change its name to CMB.TECH and stick with Euronav for its tankers.

“The largest division of CMB.TECH is the marine division. It builds, owns, operates and designs a wide range of low and zero-carbon ships powered by dual-fuel diesel-hydrogen and diesel-ammonia and monofuel hydrogen engines: offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, and others (tugboats and ferries),” the firm says.

“CMB and Euronav believe that the addition of CMB.TECH to Euronav’s business will enable a flywheel strategy – positioning the group to tap into each step of the energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders.

“Euronav’s older tanker tonnage provides excellent opportunities to recycle capital over time into more future-proof, attractive and diversified end-markets and contract types.”

CMB sister firm Windcat was established in 2022 to focus on hydrogen-powered crew transfer and offshore service vessels, working with Damen on an ‘Elevation Series’ of Commissioning Service Operation Vessels to be powered by hydrogen.