PRESS RELEASE

SRC and GREEN MARINE join forces to bring Methanol Superstorage to market

SRC Group and GREEN MARINE have signed a collaborative agreement which brings two of the strongest advocates of methanol as a marine fuel together to develop and deliver Methanol Superstorage to market.

The cooperation aims to realise benefits available to SRC’s Methanol Superstorage solution, which has been turning heads among owners, builders, repairers, class societies and insurers since its launch. Using the SPS Technology Sandwich Plate System instead of traditional cofferdams that separate tank walls, Methanol Superstorage boosts shipboard tank volumes by 85% and provides effective mitigation for methanol’s significantly lower energy density than conventional HFO.

Independent advisory and project management firm GREEN MARINE has built an unrivalled track record for delivering methanol transition solutions for all ship segments. With a pedigree reaching back to the first use of methanol as a marine fuel, its services cover ship design, yard selection, construction supervision, technical management and operations, training, procurement, sales and bunkering, GREEN MARINE is involved in the majority of methanol-related ship projects in the world today.

“Following the huge initial impact made by Methanol Superstorage, SRC and GREEN MARINE will work together to provide comprehensive technical coverage for methanol integration,” said Hannes Lilp, CEO, SRC Group. “With GREEN MARINE’s extensive experience in methanol projects and overall technical knowledge of the entire process, combined with SRC’s expertise in methanol storage and over 23 years of experience in ship refits and conversions, we are well-placed to onboard Methanol Superstorage for both retrofit and new build vessels, and establish a mature sales framework to enable global adoption.”

GREEN MARINE continues to drive development of the methanol supply chain in the marine market, with recent agreements including preparations for projected supplies of green methanol from Chinese partners. The firm also recently named Singapore-based former Methanol Institute Chief Commercial Officer, Chris Chatterton as Managing Director & Partner, with effect from 1st July, 2024.

Chatterton commented: “Market receptiveness to Methanol Superstorage has been exceptional and we look forward to working with SRC to realise its extraordinary potential to help drive forward methanol as a mainstream marine fuel. Investors will be encouraged to know that, as the most experienced technical player in marine methanol, GREEN MARINE’s expertise, insight and global support stands alongside SRC in the demonstration phase of Methanol Superstorage.”

Methanol Superstorage has already received Approval in Principle from a leading IACS society, which indicates that no conceptual issues have been identified relating to ship regulatory requirements. “In parallel to class approvals, SRC and GREEN MARINE will also oversee and manage 3rd Party technical development” said Lilp.

ENDS

For more information, contact:

Alex Vainokivi

Innovation Manager

SRC Group AS

Email: Alex@src.ee

Mob: +372 5093 569

www.src.ee

Chris Chatterton

Managing Director & Partner

GREEN MARINE SINGAPORE

Email: cc@greenmarine.sg

Mob: +65 8349 8088

About SRC Group

Founded in 2001, SRC is a multi-regional company with 23 years of experience in managing marine & offshore projects that require tailored solutions and short lead times.

The company offers EPCI (Engineering Procurement Construction Installation) solutions – design and engineering, technical, electrical and interior refit services in maritime and offshore sectors.

With the successful completion of more than 5,000 projects worldwide, SRC has established an extensive network of dependable collaborators (affiliates, associates, partners) and subcontractors. Its completed projects range from small repairs to major EPCI retrofits with up to 1,000 workers.

SRC Group is a private capital company with offices in Estonia, Italy, Norway, US, Poland and the Netherlands.