Using the funds generated from their current capital raise via the online platform VCEX, Poseidon Marine H2 is one step closer to having a hydrogen-powered boat in the water by Q3 2023 after commissioning a finite element analysis of their designs.
The testing carried out by an independent company will provide Poseidon Marine H2 with a proof of concept for their technology that will allow boats to operate off multiple fuels including diesel and hydrogen.
By the end of August 2022, the company will provisionally patent their technology and begin the process of getting it certified by insurers.
Following this, they will be able to form licensing agreements with large manufacturers and industrial/public contracts with defence forces, ferry operators, police bodies and other major maritime sectors around the world.
“This is a monumental step forward for us, as it means our technology will be proven by third-party sources, allowing us to begin signing commercial deals with significant players in the industry over the next three to six months,” says Poseidon Marine H2’s Director & Principal, Peter Mastalir.
“We believe this will put us in a strong position to have a boat in the water by Q3 of next year, supported by a series of offtake agreements so we can hit the ground running once the product is commercialised.”
The company says potential customers and manufacturers are excited by their technology as it will allow boats to operate off current fuels and a carbon-free alternative when the infrastructure is in place
“The solution ensures a boat’s value irrespective of future fuel infrastructure. This makes the adoption of the technology attractive to the market, as their investment has longevity.”
Once they have a boat in the water by Q3 2023, the company will seek to commercialise their product via a planned public listing in February 2024.