H2Terminals, a green hydrogen marine technology company, and the London P&I Club, a marine liability insurer, have signed a memorandum of understanding (MoU) under which the two parties will evaluate and develop insurance solutions for the shipping of green hydrogen.
The solutions will include coverage for H2Terminals’ three types of hydrogen-powered vessels, its patented liquid hydrogen storage systems and features such as onboard fuel cells and autonomous operations.
Over the next 12 months, the companies will collaborate on assessing H2Terminals’ specific insurance requirements, evaluating risk factors unique to green hydrogen marine transportation, developing a customized insurance framework and creating “best” practices for insuring bulk liquid hydrogen transportation.
According to H2Terminals, the partnership marks a crucial step in the company’s initiative to introduce liquid hydrogen into the UK market.
The project includes offshore production at an energy island, collecting energy from wind, sun and wave, electrolysing and liquifying on the platform. The transportation would be via liquid hydrogen (LH2) carriers and the distribution process through power barges, delivering green liquid and gaseous hydrogen, electricity and several other byproducts at scale.
Gerry Wilkinson, CEO of H2Terminals, commented: “Our partnership with London P&I Club is a first in green hydrogen shipping and is a vital component of our service framework, alongside our collaboration with Lloyd’s Register and a world leading ship management company. By combining our cutting-edge hydrogen transportation technology with world-class marine insurance, we’re offering a complete package that sets new standards in safety and reliability for clean energy shipping.”
Ian Gooch, CEO of London P&I Club, stated that the company recognizes the “transformative” potential of green hydrogen in the shipping industry, adding: “This partnership allows us to further extend our engagement around green shipping, providing sustainable insurance solutions for this groundbreaking technology.”
To remind, this summer, H2Terminals also signed an MoU with the classification society Lloyd’s Register (LR) to collaborate in the fields of floating production and transport of hydrogen.