Ardmore Shipping Corporation has signed definitive agreements for the previously announced strategic investment in Element 1 Corp.’s unique methanol-to-hydrogen technology, which includes the formation of the e1 Marine joint venture and Ardmore’s acquisition of a 10% equity stake in Element 1 Corp.
Ardmore also entered into a definitive agreement with Maritime Partners, LLC to invest at least $25 million and up to $40 million in the Company’s newly created Series A 8.5 percent Cumulative Redeemable Perpetual Preferred Shares in a separate transaction.
Ardmore also announced the appointment of Mr. Stuart Crawford as Managing Director of e1 Marine. Mr. Crawford has over 35 years of experience in the marine industry, having worked for Teekay, Seaspan, Pioneer, and Clean Ocean LNG.
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