Partnership to Establish Insurance Framework for Liquid Hydrogen Transportation
H2Terminals, a UK-based hydrogen marine technology company, has partnered with maritime insurer London P&I Club. The collaboration aims to develop insurance solutions for the maritime transport of green hydrogen. The two companies have signed an MoU to evaluate and create tailored insurance products. These products will cover H2Terminals’ planned hydrogen-powered vessels and liquid hydrogen storage systems.
H2Terminals’ Green Hydrogen Production and Distribution Plans
H2Terminals plans to produce green hydrogen on floating barges located on the Thames Estuary in the UK. The electricity for hydrogen production will come from an offshore energy island, potentially 100km from the coast. The company will use liquid hydrogen carrier vessels with a 50-tonne capacity to distribute the energy carrier. These vessels will also be powered by hydrogen and will serve businesses along the Thames.
London P&I Club’s Role in Developing Insurance Solutions
London P&I Club will focus on developing customized insurance solutions for H2Terminals’ hydrogen-powered vessels and storage systems. Over the next 12 months, the two companies will work together to:
- Assess H2Terminals’ specific insurance requirements
- Evaluate green hydrogen marine transportation risk factors
- Develop a customized insurance framework
- Create best practices for insuring bulk liquid hydrogen transportation
Partnership Aims to Set New Standards in Safety and Reliability
Gerry Wilkinson, CEO of H2Terminals, emphasized the importance of the partnership with London P&I Club. By combining H2Terminals’ cutting-edge technology with London P&I Club’s expertise, the partnership aims to set new standards. The collaboration will offer a complete package for safe and reliable clean energy transportation.
Potential Impact on Sustainable Shipping
The collaboration has the potential to contribute to the broader adoption of sustainable shipping practices. Ian Gooch, CEO of London P&I Club, expressed the organization’s commitment to providing sustainable insurance solutions. These solutions will support groundbreaking technologies like those developed by H2Terminals.
H2Terminals recently agreed to explore its planned transportation process with Lloyds Register. This further demonstrates the company’s commitment to ensuring the safety and reliability of its green hydrogen distribution network.
As the maritime industry seeks ways to reduce its carbon footprint, partnerships like this will play a crucial role. They will facilitate the transition to sustainable shipping practices and the adoption of cleaner energy sources.
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