Artemis racing (2017). Image Credit / Artemis Technologies.
Commodity trader Gunvor has made an investment in UK-based marine technology firm Artemis Technologies.
According to Tradwinds, Gunvor has taken a minority stake in the marine tech entity.
Artemis's focus is to develop zero-emissions, high-speed ferries. The company is part of the Belfast Maritime Consortium which recently received a £33 million UK government grant, the company's website said.
The Gunvor investment will contribute to the development of the company's electric hydrofoiling propulsion system.
Vessels using the system will be able to operate with up to 90% lower fuel costs compared with conventional, fuel oil using ferries, according to the website.
The electric hydrofoiling propulsion system combines technologies from the 13-partner Belfast syndicate, which comprises maritime, aerospace, energy and automotive firms as well as academic institutions and public bodies.