Poseidon Marine H2 is one step closer to launching a hydrogen-powered boat by the third quarter of 2023 after commissioning a finite element study of their designs using monies collected from their current capital raise via the web platform VCEX.
An independent company’s testing will provide Poseidon Marine H2 with a proof-of-concept for their technology, which will allow boats to operate on several fuels, including diesel and hydrogen.
By the end of August 2022, the company will have provisionally patented their technology and will have initiated the certification process with insurers. They will then be able to create licensing deals with significant manufacturers and industrial/public contracts with armed forces, ferry operators, police agencies, and other important maritime sectors around the globe.
“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 commercialized.”
When the infrastructure is in place, the company’s technology will allow boats to function on existing fuels and a carbon-free alternative. According to the company, this excites potential customers and manufacturers.
“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 functioning boat in the third quarter of 2023, the company will strive to commercialize their product by going public in early 2024.