How can the Marine and Offshore Sector Finance Hybrid Power?
30 July 2019
The offshore industry is now recognising the potential of utilising hybrid power linked to innovative propulsion systems. However, the cost of adopting hybrid technology on retrofit projects and new vessels requires a viable business case to justify higher capital expenditure (CAPEXI).
Offshore maritime cannot afford to go 'green' for no reason, there simply is not the margin to add on another layer of costs. They need a viable business case of they need a compliance case/ Which raises the burning question - how can the offshore sector finance hybrid power?
Other transport sectors around the world are successfully utilising hybrid systems. Automotive manufacturers including Tesla and BMW are re-defining energy possibilities for land transport. The technology is transitioning from high performance automobiles to city buses and the future of aviation.
Technology Readiness Level (TRL) is rated 1 to 9. Component parts of maritime hybrid powertrains typically achieve TRL8. By definition this is, 'actual system completed and qualified through test and demonstration'. But maritime needs to move up to TRL9, 'actual system proven through successful mission operations'.
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