Oil and commodities trading house Gunvor has purchased an
equity stake in Artemis Technologies, a Northern Ireland-based tech startup
that aims to build a hydrofoil fast ferry using intellectual property developed
in the World's Cup racing competition.
Artemis' vision is to build a vessel with an
"autonomously controlled carbon fiber hydrofoil" that contains an
integrated propeller. Derived from Artemis' experience in World Cup racing
development (the firm has its roots in the team Artemis Racing), the technology
is intended to be "the first viable solution for the early adoption of
high-speed zero-emissions maritime transport," according to the firm.
Artemis says that its system can cut the drag from a typical fast ferry or
passive hydrofoil design by as much as 90 percent, opening up a new horizon for
commercially-viable, electric high-speed transport.
Expanding on its hydrofoiling electric vessels, Artemis is
also developing a 45-meter autonomous sailing catamaran. It will be "the
world’s first hydro-foiling and self-regenerating commercial vessel, capable of
operating without the consumption of any fossil fuels," the firm said.
Using a dual-function electric drive motor, it will generate electric power
(and drag) to charge batteries when under way by sail, then use the stored
power to motor ahead when winds are light. Its planned top speed is 50 knots,
comparable to the speed of modern America's Cup catamarans on a beam reach.
“Artemis Technologies is working on a number of compelling
innovations that will help decarbonise the maritime sector at a time when there
is growing demand for low-carbon alternatives,” said Torbjörn Törnqvist,
Chairman of Gunvor Group. “Gunvor has committed to reduce the carbon footprint
of the commodities we’re trading and our industrial processes, as well as to
explore relevant commercial opportunities. There is no silver bullet to the
climate change issue. Many solutions are needed.”
Törnqvist is the majority owner of Gunvor, and he is the owner
and founder of Artemis Racing. The team spent over $100 million on boat
development in an (ultimately unsuccessful) attempt to unseat defending
champion Oracle Team USA in 2017; in the process, they built a boat that was
widely considered the fastest ever deployed in the sailing world's
fastest-paced competition.