UK Government Allocates £60mn Investment In Maritime Green Technologies

The UK government is investing £60mn in clean maritime technology companies throughout the nation. The UK Department for Transport (DfT) will allocate this funding over a period of two years, which comes from the third round of the Clean Maritime Demonstration Competition, which amounts to a total of £206mn. The amount comes from the UK Shipping Office for Reducing Emissions (UK SHORE) Scheme announced in March 2022.

UK Transport Secretary, Mark Harper, visited Artemis Technologies, that received a major cash injection of £6mn as part of this investment, to observe the progress on its project aimed at developing a 12-metre hydrofoil vessel for crew transfer along with shore-based charging infrastructure.

Harper said, “Our maritime sector imports 95% of goods into the UK and contributes £116 billion to our economy – more than both aviation and rail combined. With growing the economy one of the Government’s top priorities, we must continue our efforts to ensure the UK remains a pioneer in cutting-edge clean maritime solutions.  The funding we’re awarding today will help to do just that, bringing emission-free concepts to life and fueling innovation”.

While sharing his opinion regarding the investment, Artemis Technologies' CEO, Dr. Iain Percy said: “With this latest round of funding, we are emboldened to advance our green technology projects, develop world-leading clean vessels for our seas, and continue on our mission to lead the decarbonisation of maritime.”

According to the CEO of the UK Chamber of Shipping, Sarah Treseder, the organisation is fully committed to achieving net zero by 2050. Treseder acknowledged the significance of securing funding towards this goal, describing it as a crucial milestone that would enable the chamber to work collaboratively towards realising the target of zero-emission shipping. She emphasised the importance of translating theory into action and expressed confidence that the funding would facilitate the completion of this journey.

This investment in clean maritime technologies marks a significant step towards promoting sustainable practices in the maritime sector. The gradual distribution of funding to technology firms will pave the way for further innovations in green maritime technologies.