83. The rising tide of Electric Shipping - oct22

Redefining Energy

Decarbonising the shipping industry seemed very aspirational until recently. Lofty goals are out there: “The International Maritime Organization (IMO) has set an ambition to reduce the carbon intensity of emissions from shipping by at least 40% by 2030, and 70% by 2050, compared with 2008 levels. To achieve this, the shipping industry needs to unite in taking urgent action.”
While a lot of talks are centered around hydrogen or ammonia, it is once again the batteries that are making the difference. Namely, advances in batteries and the genuine advantages of electric propulsion vs fuel propulsion are now creating a perfect technical and economic launchpad for a massive decarbonisation of shipping.
Of course, we will start with short distance trips, like for ferries, tugboats, fishing, but the technology has developed so fast in recent years that the possibilities seem much wider. UC Berkeley models that – by the end of the decade – 40% of routes could be electrified without subsidies, not even taking into accounts environmental benefits.
To discuss the electrification of shipping, we have invited Geir Bjørkeli, CEO Corvus Energy to have a conversation about the technical options around the electrification of shipping. Corvus Energy is the leading provider of zero-emission solutions for the ocean space. Corvus Energy’s full product portfolio covers batteries for all types of vessels: Lightweight batteries for tourist and fast passenger crafts, large battery systems for cruise and ro-pax and batteries with high cycling capability for ferries and offshore. Corvus Energy has unsurpassed experience from 600 projects, totaling over 500 MWh and more than 4 million operating hours.
Gerard and Laurent’s big surprise is that we are not talking about massive government subsidies, the economics of expensive fuel and maintenance costs are doing the heavy lifting. Great story!
We thank our partner AQUILA CAPITAL
Reference: UC Berkeley study
https://www.nature.com/articles/s41560-022-01065-y