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HICO Funding Group, a non-public funding enterprise of the Hartnoll household, has invested in low-carbon crew transport vessel (CTV) provider Tidal Transit.
Tidal Transit’s ongoing initiatives embody the event of the world’s first electrical crew switch vessel retrofit, onshore and offshore charging options, and a completely electrical e-foiler in partnership with Artemis Applied sciences.
All these initiatives by Tidal Transit have acquired authorities funding via the Division for Transport and Innovate UK.
HICO’s funding in Tidal Transit expands its presence within the offshore wind sector and enhances providers provided by Britoil, a portfolio firm specializing in offshore help vessels.
The funding agency acquired a big stake in Britoil in 2021. Within the autumn of 2023, Britoil purchased 30 offshore vessels in addition to supporting places of work in Singapore and Genoa from Dutch shipowner Vroon.
“Along with our current companions’ trade experience and low-carbon applied sciences, we will really transfer the needle in direction of absolutely electrified offshore crew transport. This partnership will assist speed up progress in direction of our mixed mission to create a low-carbon, cleaner, and safer offshore wind sector,” mentioned Leo Hambro, industrial director at Tidal Transit.
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