Ardmore Shipping Announces Strategic Investment and Joint Venture with Element 1 Corp. and Maritime Partners LLC to
Deliver Hydrogen Power to the Marine Sector
Ardmore Shipping宣布与Element 1 公司和Maritime Partners进行战略投资和合资合作，
Joint venture to be positioned to meet the needs of the marine sector for the safe and efficient delivery of hydrogen onboard for mid-size power applications, resulting in a significant and cost-effective reduction in CO2 emissions when using standard methanol vs. gas oil, fully carbon-neutral when using renewable methanol, and can be modified to run on ammonia if desired.
HAMILTON, Bermuda, March 15, 2021 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore," "ASC," or the "Company") today announced that it has signed a Letter of Intent ("LOI") with Element 1 Corp. ("E1") and Maritime Partners, LLC ("MP") whereby the parties propose to establish a joint venture for the purpose of delivering E1's unique methanol-to-hydrogen technology to the marine sector, as well as make certain other investments as described herein.
百慕大哈密尔顿，2021年3月15日 /PRNewswire/ -- Ardmore Shipping（纽约证券交易所：ASC）（"Ardmore"，"ASC"或"公司"）今天宣布，它已与 Element 1（"e1"）公司和 Maritime Partners（"MP"）签署了意向书（"LOI"）。提议成立一家合资企业，以便为海事行业提供 e1 独特的甲醇制氢技术，并作出在此所述的其他投资。
Element 1 Corp., headquartered in Bend, Oregon, is a leading developer of advanced hydrogen generation systems used to power fuel cells with broad use in mobile applications and remote locations such as marine, trucking, automotive, off-road vehicles, rail, warehousing, and backup power supply sectors. E1's proprietary technology produces hydrogen on demand at the point of consumption, eliminating the logistical challenges and costs inherent in distributing compressed hydrogen.
Element 1 Corp. 总部位于俄勒冈州本德市，是为燃料电池提供动力的先进制氢系统的领先开发商，其产品和技术广泛应用于移动应用和偏远地区，如船舶、卡车、汽车、越野车、铁路、仓储和备用电源行业。e1 的专有技术可在使用地点按需制氢，消除了部署压缩氢所固有的物流挑战和成本。
Maritime Partners LLC, headquartered in New Orleans, Louisiana, is a leading provider of flexible financing solutions and newbuilding support to the maritime industry, with a focus on Jones Act vessels and inland marine transportation.
Maritime Partners 总部位于路易斯安那州新奥尔良，为海运行业提供灵活的融资解决方案和新的建设支持，其业务重点是琼斯法案船舶和内河海运。
The proposed transactions entail the following:
Ardmore, E1 and MP will establish "e1 Marine," each owning 33.3% of the joint venture. e1 Marine will have a worldwide mandate for the marketing, development, licensing and sale of E1's unique hydrogen generation systems for application to the marine industry, including shipping, refrigerated containers, offshore energy, renewable energy, passenger and leisure, and certain port infrastructure and related applications.
Ardmore, e1 和 MP 将成立 "e1 Marine"，各自拥有合资公司33.3%的股份。e1 Marine 将在全球范围内负责 e1 独特的制氢系统的营销、开发、授权和销售，以应用于海事行业，包括航运、冷藏集装箱、海上能源、可再生能源、乘客和休闲以及某些港口基础设施和相关应用。
MP will make an investment in Ardmore in the form of $40 million in perpetual preferred shares in two tranches: the first tranche will be $25 million; the second tranche will be $15 million subject to final approval by MP. The preferred shares will carry a dividend of 8.5% per annum paid quarterly subject to potential increases upon the occurrence of customary events, incorporate payment in kind provisions, and be redeemable by Ardmore commencing after three years.
MP 将分两批对 Ardmore 进行4000万美元的永久优先股投资：第一部分为2500万美元：第二批将支付1500万美元，但须经MP最终批准。优先股将按季度派发8.5%的股息，但可能会在发生习惯性事件时增加股息，并纳入实物支付条款，并在三年后由 Ardmore 赎回。
Ardmore will purchase a 10% equity stake in E1 in exchange for $4 million cash plus 950,000 ASC common shares. The total consideration is estimated to be $11 million based on Ardmore's net asset value as of February 2021. Ardmore will also take a seat on E1's board of directors from the date of the investment. MP will receive 20% of any profits paid to Ardmore from this equity investment in e1.
Ardmore 将400万美元现金加上 95 万股 ASC 普通股购买e1 公司10%的股权。根据Ardmore 截至2021年2月的净资产价值，总对价估计为1100万美元。自投资之日起，Ardmore 还将在 e1 董事会中占一个董事席位。MP 将享有 Ardmore 任何来自 e1 股权投资中所获得利润的 20%。
The transactions are expected to close simultaneously early in the second quarter of 2021.Completion of the transactions contemplated by the non-binding LOI and described in this press release remain subject to the negotiation and execution of definitive agreements and the satisfaction of related closing conditions. There can be no assurance that definitive agreements will be entered into or that the transactions will be consummated as contemplated.
预计将在2021年第二季度初同时完成交易。 完成不具约束力的 LOI 的设想和在本新闻稿中描述的交易仍有待最终协议的谈判和执行以及相关结算条件的满足。不能保证将达成最终协议，也不能保证交易将如设想的那样完善。
Anthony Gurnee, Ardmore's Chief Executive Officer, commented on the announcement:
"We are very pleased to establish a strategic relationship with E1 and Maritime Partners to deliver this unique hydrogen delivery system to the marine sector. The establishment of e1 Marine and our investment in E1 advance our Energy Transition Plan, which includes a focus on transition technologies aimed at reducing carbon emissions in the shipping industry and utilizing Ardmore's engineering and marketing capabilities to accelerate their deployment.
"我们很高兴与 e1 和 Maritime Partners 建立战略关系，为海事行业提供这种独特的氢气输送系统。e1 Marine 的建立和我们对e1的投资推进了我们的能源过渡计划，其中包括专注于旨在减少航运业碳排放的过渡技术，并利用 Ardmore 的工程和营销能力加速其部署。
We are excited about the market opportunity for E1's methanol-to-hydrogen technology. We believe it is safer and cheaper than other alternatives for onboard hydrogen delivery and, when using standard methanol, is operationally cost competitive with diesel engines even today, while emitting zero particulates, zero NOx, zero SOx, and 30-50% less carbon than a diesel engine of the same power rating. The E1 system is carbon-neutral when run on renewable methanol, should prove to be very cost competitive with other alternatives, and if desired can be built or retrofitted to run on ammonia.
我们对 e1 甲醇制氢技术的市场机会感到兴奋。我们相信，它比机载氢气输送的其他替代品更安全、更便宜，而且，在使用标准甲醇时，即使在今天其运行成本也比柴油发动机更具竞争力，同时排放的零颗粒物、零氮氧化物、零氮氧化物和碳含量比同功率等级的柴油发动机低 30-50%。e1 系统在使用可再生甲醇时是碳中和的，应该证明与其他替代品具有很强的成本竞争力，如果需要也可以建造或改装使用氨。
We are also very pleased to commence a close working relationship with Maritime Partners as a preferred equity holder and joint venture partner. Their investment will serve to strengthen Ardmore financially and to facilitate accretive growth, and we believe that e1 Marine will benefit significantly from Maritime Partners' expertise and leading position in the inland marine market.
"我们也很高兴作为优先股持有人和合资伙伴与 Maritime Partners 建立密切的工作关系。他们的投资将有助于加强 Ardmore 的财力并为公司的成长助力，我们相信 e1 Martime 将受益于 Maritime Partners 在内陆海洋市场的专业知识和领先地位。
Dr. Dave Edlund Co-Founder and CEO of Element 1 Corp. commented on the announcement:
"Element 1 is delighted to ally with Ardmore and Maritime Partners to deliver commercial solutions for the marine sector that will significantly reduce the carbon intensity as well as other harmful emissions (particulate matter, NOx, and SOx) traditionally associated with burning fossil fuels. This strategic relationship is the direct result of our partners' vision as well as their commitment to environmental responsibility."
Dave Edlund 博士, e1 公司联合创始人兼首席执行官对公告发表了评论：
Element 1 很高兴与 Ardmore 和 Maritime Partners 结盟，为海事行业提供商业解决方案，这将显著降低碳强度和其他传统化石燃料相关的有害排放（颗粒物、氮氧化物和硫氧化物）。这种战略关系是我们伙伴远见卓识以及他们对环境责任的承诺的直接结果。
Whereas fuel cell technology has matured substantially over recent decades, the supply of hydrogen as feedstock to fuel cells has lagged considerably, resulting in significant logistic and economic challenges to the wide-scale deployment of fuel cells. E1's methanol-to-hydrogen technology offers a broad solution to this challenge. Importantly, Ardmore and Maritime Partners provide unique access to existing markets in international shipping and inland waterways."
几十年来，燃料电池技术已大为成熟，但作为燃料电池原料的氢气供应严重滞后，给燃料电池的大规模部署带来了重大的运输和经济挑战。e1 的甲醇制氢技术为这一挑战提供了广泛的解决方案。重要的是，Ardmore 和 Maritime Partners 为国际航运和内河水道的现有市场提供了独特的渠道。
Mr. Bick Brooks, Co-Founder and CEO of Maritime Partners LLC, commented on the announcement:
"We are pleased to partner with E1 and Ardmore to drive the adoption of E1's hydrogen purification technology across the global maritime landscape. We are particularly excited about the applications for this technology within the inland marine industry, as it offers the potential to materially lower carbon emissions in the near-term and provide a clear path to achieving a zero-carbon footprint. Importantly, we believe this technology is currently cost competitive with diesel internal combustion engines.
Maritime Partners 联合创始人兼首席执行官比克·布鲁克斯先生对公告发表了评论：
我们很高兴与 e1 和 Ardmore 合作，推动 e1 的氢提纯技术在全球海事中得到应用。我们对这项技术在内陆海洋工业中的应用感到特别兴奋，因为它提供了在短期内大幅减少碳排放的潜力，并为实现零碳足迹提供了一条清晰的道路。重要的是，我们相信这项技术目前比柴油内燃机具有竞争力。
Ardmore has an excellent track record of financial discipline. Accordingly, we look forward to aligning with Ardmore beyond the joint venture and to supporting Ardmore's accretive growth ambitions through our preferred equity investment."
Ardmore 在财务合规方面有着良好的记录。因此，我们期待在合资之外与 Ardmore 结盟，并通过我们的优先股权投资支持 Ardmore 的成长雄心。
RIX Industries LLC, headquartered in Benicia, California, USA, is an existing licensee of E1's M-series hydrogen generators and has expressed an interest in supporting e1 Marine regarding application to marine vessels.
RIX 工业有限责任公司总部设在美国加利福尼亚州的贝尼西亚，是 e1 的M系列制氢机的现有授权商，表示有兴趣支持 e1 Maritime 的海运船舶应用。
Mr. Bryan Reid, Chief Sales Officer of RIX Industries, commented on the announcement: "RIX is an existing licensed manufacturer of E1's M-series hydrogen generation technology and is excited to support e1 Marine in this new venture."
RIX 工业公司首席销售官 Bryan Reid 先生对公告发表了评论："RIX 是 e1 的M 系列制氢机的现有授权制造商，很高兴能在此新业务中支持 e1 Marine。