Posted on February 8, 2024
HICO Investment Group, a key player in maritime and logistics investments, has expanded its maritime portfolio by investing in Tidal Transit, a low-carbon crew transport supplier. This strategic partnership aims to accelerate decarbonization efforts within the offshore wind sector.
Tidal Transit, known for its robust operating and technical expertise in offshore crew transfer, will benefit from HICO’s strategic capital and extensive industry presence. This collaboration positions Tidal Transit as a pioneering innovator in crew transfer vessel (CTV) electrification.
Tidal Transit’s ongoing projects include the development of the world’s first electric crew transfer vessel (E-CTV) retrofit, onshore and offshore charging solutions, and a fully electric e-foiler in partnership with Artemis Technologies. These initiatives have received additional government funding through the Department for Transport and Innovate UK.
HICO’s investment in Tidal Transit not only reinforces the company’s commitment to sustainable maritime practices but also expands its presence in the offshore wind sector. This move complements services offered by Britoil, an existing portfolio company specializing in offshore support vessels.
Chris Hartnoll, CEO at HICO Investment Group, stated, “HICO believes the offshore wind segment is supported by positive macro tailwinds such as policy mechanisms to decarbonize and continuous offshore wind technological advancements. We support Tidal Transit in its entrepreneurial drive to lead the industry in electrification and clean energy charging capabilities.”
Leo Hambro, Commercial Director at Tidal Transit, expressed excitement about the partnership, saying, “We welcome HICO’s years of experience in sustainable maritime investment. Together with our existing partners’ industry expertise and low-carbon technologies, we can truly move the needle towards fully electrified offshore crew transport. This partnership will help accelerate progress towards our combined mission to create a low-carbon, cleaner, and safer offshore wind sector.”