Maritime Partners Acquires E1 Marine, Paving the Way for Hydrogen-powered Maritime Solutions

e1 Marine Acquisition Provides New Opportunities for Cleaner Fuel

NEW ORLEANS, July 1, 2024 /PRNewswire/ -- Maritime Partners, LLC ("Maritime Partners"), a leading provider of maritime financing solutions primarily focused on Jones Act vessels, has completed the successful acquisition of e1 Marine LLC ("e1 Marine"), a pioneer in hydrogen generation technology for the marine sector.

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e1 Marine provides clean energy technologies, including advanced methanol-to-hydrogen generation products, which provide an alternative, cleaner fuel source for marine vessels. The technology comes from Element 1 Corp., a leading developer of advanced hydrogen generation systems supporting the fuel cell industry.

"This acquisition marks a significant milestone in Maritime Partners' commitment to environmental responsibility and innovation," said Bick Brooks, co-founder and CEO of Maritime Partners. "The integration of e1 Marine's cutting-edge methanol-to-hydrogen technology with Maritime Partners' extensive industry expertise promises to revolutionize marine power applications and pave the way for a greener future."

Utilization of the e1 Marine generation technology by Maritime Partners is already underway. In May, Maritime Partners signed a Design Basis Agreement ("DBA") with the U.S. Coast Guard for its M/V Hydrogen One towboat, a first-of-its-kind vessel to use the new, cleaner technology which converts stored methanol into hydrogen onboard the vessel.

"As the licensor of compact, scalable, and energy efficient methanol-to-hydrogen technology to e1 Marine, Element 1 Corp looks forward to fully supporting Maritime Partners and e1 Marine in their effort to revolutionize marine propulsion," said Dave Edlund, co-founder and CEO of Element 1 Corp. "The commitment of Maritime Partners to environmental stewardship, combined with their capability to execute, are truly impressive and Element 1 is proud to be part of the team."

As the maritime industry continues to seek ways to decarbonize, Maritime Partners believes this technology has the potential to greatly reduce emissions and increase fueling efficiency while also providing a model for cleaner energy use.

"Maritime Partners is strongly committed to developing and utilizing sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient," said Dave Lee, Maritime Partners' VP of Technology & Innovation. "The acquisition of e1 Marine and the development of Hydrogen One are integral parts of that ongoing commitment."

ABOUT MARITIME PARTNERS

Maritime Partners is a leading provider of maritime financing solutions, specializing in vessels that are used in the domestic Jones Act trade. With a managed fleet of approximately 1,900 vessels in service, we offer tailored leasing services to operators across the full spectrum of credit quality. A privately held company founded in 2015, Maritime Partners provides the assets that transport the commodities that represent the primary building blocks of the domestic economy, including agricultural products, chemicals, aggregates, crude oil, and refined petroleum products. Our management team leverages more than 50 years of operational experience in chartering, asset management, shipbuilding, and financing across all marine asset classes. To learn more about Maritime Partners please visit www.maritimepartnersllc.com.

ABOUT e1 MARINE

About e1 Marine: e1 Marine provides clean energy technologies, including advanced methanol to hydrogen generation products supporting the fuel cell industry. Our innovative approach to utilizing methanol-to-hydrogen technology has the potential to significantly reduce emissions in the marine sector, contributing to a sustainable and eco-friendly maritime environment. Follow e1 Marine on LinkedIn and Twitter and visit www.e1marine.com for more information.

ABOUT ELEMENT 1 CORP

Element 1 Corp. (Bend, Oregon) is a leading developer of advanced hydrogen generation systems supporting the fuel cell industry. Element 1 has developed innovative products that are scalable, reliable, affordable, and provide flexibility allowing for easy integration into customer solutions. With expertise in small-scale reactor design and membrane-based hydrogen purifiers, Element 1 offers solutions for on-site hydrogen generation, grid-independent electrical power generation to support BEV charging and microgrid applications, and mobile (onboard) hydrogen generation (fuel cell electric vehicles). Novel technology is licensed by Element 1 to its partners, enabling the application of technologies across a wide range of products, markets, and applications. For further information please visit www.e1na.com.