Energy commodity trader Gunvor Group has made an investment in Artemis Technologies as part of its commitment for developing nonhydrocarbon solutions for marine transportation.

Earlier, Artemis Technologies-led Belfast Maritime Consortium had received an innovation grant of £33m from the UK Government for developing zero-emission high-speed ferries.

Gunvor Group chairman Torbjörn Törnqvist said: “Artemis Technologies is working on a number of compelling innovations that will help decarbonise the maritime sector at a time when there is a growing demand for low-carbon alternatives.

“Gunvor has committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes, as well as to explore relevant commercial opportunities. There is no silver bullet to the climate change issue. Many solutions are needed.”

Artemis Technologies will use the investment funds to develop a transformative electric hydrofoil propulsion system, Artemis eFoiler, which will power eco-friendly ships of the future.

The vessels developed under the Belfast project will use up to 90% less energy than outdated ferries during operations.

The new ships will be able to accommodate approximately 350 passengers and produce zero emissions during transit.

Artemis eFoiler system combines technologies from the 13-partner Belfast syndicate, which includes a mix of companies, academic institutions, and public bodies.

Artemis Technologies CEO Dr Iain Percy OBE said: “With approximately 30% of ship emissions coming from domestic voyages, the maritime sector is under pressure to develop and adopt new disruptive innovations. This means that reducing emissions on smaller domestic fleets, which typically make these shorter journeys, will be key in meeting net-zero goals.”

Founded in 2017, Artemis Technologies is a commercial endeavour that brings together the team’s top designers, boat builders, and engineers to develop applications for advancements in efficiency and speed.