e1 Marine & the $40 million win, Win, WIN!
Marine Money’s Preferred Equity Deal of the Year Awards has recognised e1 Marine as a “win-win-win” for all three parties involved: Ardmore Shipping, Maritime Partners and Element 1.
Shipping companies generally issue preferred shares for three basic reasons: (1) they need the cash; (2) their balance sheet can’t support more cheap debt; and (3) their share price is so low that issuing common equity would be unduly dilutive to shareholders.
However, Ardmore Shipping’s 2021 issuance of $40 million of 8.5% Series A investment was something altogether different, overcoming these challenges by finding mutual synergy between Ardmore Shipping, Maritime Partners and element 1.
Robert Schluter, Managing Director of e1 Marine commented on the award win: “Being awarded Marine Money’s Preferred Equity Deal of the Year Award demonstrates the appetite in the market for innovative and collaborative solutions to the industry’s core challenge: decarbonisation. Sharing knowledge and assets is essential for the industry to achieve its goals and e1 Marine epitomises that principle. e1 Marine brings together the expertise of Element 1 in designing advanced methanol to hydrogen generation systems designs with the specialist knowledge of the marine sector brought by Ardmore Shipping and Maritime Partners. Our offering has been recognised by all three organisations as a valuable proposition for entirely different reasons, demonstrating the value of methanol to hydrogen generators to the entire maritime industry.
“This creative transaction was not only a first of its kind in shipping, but it may also have been a first of its kind, period and it has exciting benefits in the short, medium, and long term for every party involved.”
Read the full Maritime Money, The Preferred Equity article here.
Read the full Marketscreener article here.