H2Terminals and London P&I Club forge Strategic Partnership to develop comprehensive insurance solutions for Green Hydrogen Marine Transportation.
In a significant move towards sustainable shipping, H2Terminals Limited, a pioneer in green hydrogen marine technology, and the London P&I Club, one of the world’s leading marine liability insurers, today signed a Memorandum of Understanding (MoU) at the London P&I Club’s headquarters. Through the MoU, H2Terminals and the London Club will cooperate to evaluate and develop insurance solutions for the shipping of green hydrogen.
This strategic partnership marks a crucial step in H2Terminals’ ambitious project to introduce liquid hydrogen into the UK market. The initiative, which includes offshore production at Energy Island which can be 100 kilometres offshore, collecting energy from wind, sun and wave, electrolysing and liquifying on platform. Transportation would be via advanced LH2 carriers which will hold the liquid hydrogen in 50-ton spheres and be powered by green hydrogen fuel cells. The Distribution process will be through power barges, delivering green liquid and gaseous hydrogen, electricity and several other important byproducts at scale, driving industrial decarbonisation and supporting clean transport across the UK.
Gerry Wilkinson, CEO of H2Terminals, emphasised the importance of this collaboration:
Our partnership with London P&I Club is a first in green hydrogen shipping and is a vital component of our service framework, alongside our collaboration with Lloyd’s Register and a world leading ship management company.
“By combining our cutting-edge hydrogen transportation technology with world-class marine insurance, we’re offering a complete package that sets new standards in safety and reliability for clean energy shipping.”
The London P&I Club, leveraging its expertise and and experience in the marine insurance sector will work closely with H2Terminals to evaluate and develop tailored insurance solutions. These will include specialised coverage for H2Terminals’ three types of hydrogen-powered vessels, their patented liquid hydrogen storage systems, and innovative features such as onboard fuel cells and autonomous operations.
Ian Gooch, CEO of London P&I Club, said:
As a leading P&I Club, with a strong focus on sustainability, we recognise the transformative potential of green hydrogen in the shipping industry.
“This partnership allows us to further extend our engagement around green shipping, providing sustainable insurance solutions for this groundbreaking technology.”
Over the next 12 months, the two companies will collaborate on:
1. Assessing H2Terminals’ specific insurance requirements
2. Evaluating risk factors unique to green hydrogen marine transportation
3. Developing a customised insurance framework
4. Creating best practices for insuring bulk liquid hydrogen transportation
This partnership not only addresses the complex risk landscape associated with innovative green technologies but also paves the way for widespread adoption of sustainable shipping practices. By offering comprehensive insurance solutions, H2Terminals and London P&I Club are working together to promote the implementation of green hydrogen technology in maritime transportation.
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H2Terminals and London P&I Club forge Strategic Partnership to develop comprehensive insurance solutions for Green Hydrogen Marine Transportation. source
