Bend, Oregon, United States, 07 September 2023 – An independent study conducted by maritime research house Thetius has revealed that methanol to hydrogen generator technology, developed by renewable energy technology pioneer e1 Marine, can significantly reduce EPA-regulated emissions by up to 99% when using grey methanol when compared with conventional diesel engines for inland waterway vessels. The technology can also reduce GHG emissions by up to 85% when using green methanol as feedstock in the same application. The international maritime industry is under pressure to meet 2030 and 2050 International Maritime Organization (IMO) emissions goals, as well as local and global emissions rules, including those set by the US Environmental Protection Agency (EPA) and European Union (EU). e1 Marine’s methanol to hydrogen generator technology makes it possible to convert methanol to fuel-cell grade hydrogen onboard a vessel. This provides a power source for hydrogen fuel cells and electric batteries, which can be used for primary propulsion. In the report, ‘Towards Zero’, Thetius’ analysis used 50,000 hours of operating data from eight inland diesel pushboats (workboats) in the USA to develop a cumulative load profile for comparison, which was underpinned by science developed by the Intergovernmental Panel on Climate Change. The results of the modeling showed significant potential emissions (EPA and GHG) reduction versus conventional diesel engines for vessel operators who deploy methanol to hydrogen fuel cell power solutions. The conclusions indicated were: ‘Near Zero’ harmful emissions – achieving a 99% reduction of EPA-regulated emissions, including nitrogen oxides (NOx), particulate matter (PM), hydrocarbons (HC), and carbon monoxide (CO) based on using readily available grey methanol. Meaningful improvement on GHG emissions – up to 27% fewer GHG emissions when operating on readily available grey methanol. Towards Zero GHG – an 85% GHG emissions reduction is possible when using 100% green methanol, which is starting to become available in marine quantities. Substantial GHG emissions can still be made by using a blend of grey and green methanol. e1 Marine’s solution provides clear advantages of future-proofing inland waterways, ports, and short sea vessels against current and anticipated increasingly robust GHG and local pollutant regulation. It also enables ocean-going vessel operators an option to utilize the onboard methanol to hydrogen generator technology while in port amid more stringent port emissions rules. Robert Schluter, Managing Director, e1 Marine, commented: “As the shipping industry faces a plethora of regulations that will continue to ratchet up in terms of levels of compliance, it is vital to take a holistic approach to plan for next-gen propulsion. For smaller vessel’s main propulsion and ocean-going vessels auxiliary engines, the Thetius findings – based on a large amount of operating data, enabling a reasonable degree of accuracy - underline the capacity of e1 Marine’s methanol to hydrogen generator technology to almost eradicate local pollutant concerns and offer a clear pathway to 2030 and 2050 GHG emission compliance. “Renewable alternatives, such as hydrogen, are gaining traction. However, pure hydrogen faces challenges in transportation and storage, hindering its implementation for direct fuel usage. e1 Marine’s technology fosters sustainable and eco-friendly marine operations that negate these challenges.” Nick Chubb, CEO, Thetius, added: “Our model suggests that the e1 Marine’s methanol to hydrogen generators potentially produce 10-27% fewer GHG emissions than conventional diesel ICEs operating on grey methanol. Moreover, a blend of green and grey methanol can achieve substantial reductions, with 85% GHG emissions reduction possible when using green methanol. Therefore, the initial results are promising and show the clear advantages methanol to hydrogen generator technology can bring.” From 1 January 2030, a ship (being any containership and any passenger ship (over 5,000 GT) not otherwise exempted under the legislation) moored at berth for two hours or longer in an EU port shall be required to connect to an on-shore power supply (OPS) (or alternative, approved zero-emission technology). In the United States, port emissions are managed by local authorities, with policies that vary from state to state. For example, in 2021, California’s State Office of Administrative Law tightened emissions regulations defined by the Control Measure for Ocean-Going Vessels at Berth, which includes limits on GHGs and adds shore power mandates. A full copy of the Towards Zero report is available to access free of charge, here.

The maritime industry is working towards meeting 2030 and 2050 International Maritime Organization (IMO) emissions goals, as well as localized emissions rules to improve air quality, including those set by the US Environmental Protection Agency (EPA) and European Union (EU). Proven clean technology solutions are part of this journey. Available now, e1 Marine’s methanol to hydrogen generator technology makes it possible to convert methanol to fuel-cell grade hydrogen onboard a vessel; when combined with hydrogen fuel cells and battery packs, it can even be used for primary propulsion or auxiliary power. Find out how our solutions can make a tangible impact on shipping’s decarbonization and nearly eradicate other harmful emissions when compared to traditional diesel engines. Download our study, ‘Towards Zero’ co-authored with maritime innovation consultancy, Thetius to understand the potential impact of methanol to hydrogen generators on cleaner shipping operations:

At MEPC 80, we saw that the IMO is responsive to the ambitious GHG targets being set within and beyond the industry. That’s the first of two key takeaways from the meeting, says e1 Marine Managing Director, Robert Schluter. We saw from MEPC 80 that the IMO is willing to strengthen its decarbonization targets for shipping significantly. We have moved from a 50% GHG reduction ambition target by 2050 to net-zero by or around 2050. There are also interim targets of 20%, striving for 30%, in 2030 and then 70%, aiming for 80%, in 2040, compared to 2008 levels. The first key takeaway from MEPC 80 is that the IMO is willing to recognise the ambitious goals within and outside the industry - the demands for change made by shippers and consumers worldwide. We can expect it will continue to respond and keep pace with society. While some may have been disappointed by the vague terminology of “by or around 2050,” it is possible that this will tighten up over time as progress is made. There are two regulatory foundations set for ensuring this progress. A technical, goal-based agenda will ensure the phase-in of new fuels with reduced GHG intensity, and a carbon pricing mechanism will be introduced and linked to the GHG intensity regulations. The uncertainty about the details of these measures is common. Alternatives have been discussed at length and anticipated for years, and we can expect that they will be overcome gradually with due care taken to ensure they are workable. The second key takeaway from MEPC 80 is the commitment to addressing life-cycle GHG emissions from shipping. MEPC 80 adopted the “Guidelines on Life Cycle GHG Intensity of Marine Fuels” (LCA Guidelines), which set out methods for calculating well-to-wake GHG emissions for alternative fuels and other energy carriers (e.g. electricity). However, the discussion of onboard carbon capture and storage was postponed until 2024, but it will ultimately be linked to the development work that will be ongoing on the LCA guidelines. The LCA Guidelines highlight the agreement reached among member states for taking a well-to-wake approach to sustainability. Shipping will not just push responsibility for its emissions upstream. That will come at a cost. We can expect net-zero fuels to be expensive and their storage requirements onboard to be demanding. What the industry needs is a viable pathway to decarbonization that is proven, safe, and viable now to meet this myriad of targets, especially as the likes of the EU, Canada, and the US could progress beyond IMO and impose their own individual measures to drive sustainable shipping. We’ve already seen this in California with the incremental introduction of its At Berth regulation. Ultimately, it means that we can expect strong demand for solutions during this decade as fuels such as methanol providing the pathway towards green hydrogen To accelerate the availability of new technologies, such as fuel cells and solutions to enable a faster energy transition, the supporting frameworks must catch up. We need to foster a culture of flexibility and adaptability to rewrite the rule book regarding certification and commercial agreements that recognise the cost of investment alongside payback and broader benefits. From our own experience, it’s encouraging that there is a spirit of true collaboration throughout the product testing process, and the hours of trials we are conducting generate some valuable learnings. We are poised to provide a meaningful contribution to cleaner, efficient maritime operations through alternative fuels that can meet the IMO’s targets and look forward to working with vessel owners and operators to unlock shipping’s green future.

Element 1 is our specialist technology partner whose hydrogen generators have been designed, developed and proven over three decades. Element 1 is headquartered in Bend, Oregon and is a leading developer of clean energy technologies for a range of industry sectors. VISIT WEBSITE Ardmore Shipping Corporation owns and operates a fleet of MR product and chemical tankers, ranging from 25,000 to 50,000 deadweight tonnes. Ardmore Shipping provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders and chemical companies, with its modern, fuel-efficient fleet of mid-size tankers. Through its technical and commercial management partners and its own in-house expertise, Ardmore has the global network in place to support its seafarers and deliver shipping services safely, decisively and effectively to its customers. VISIT WEBSITE Founded in 2015, Maritime Partners is headquartered in New Orleans, Louisiana. It is a leading provider of flexible financing solutions and new-build contract support for the maritime industry. Servicing the Jones Act trade and beyond, it offers operators access to its fleet of more than 1,600 state-of-the-art vessels. VISIT WEBSITE Founding Partners e1 Marine was formed as a Hydrogen technology partnership between three specialists and leaders in their fields: ELEMENT 1 Corporation (Bend, Oregon, USA), Ardmore Shipping Corporation (Cork, Ireland), and Maritime Partners LLC (New Orleans, Louisiana, USA). Hydrogen power for the marine sector: onsite, onboard and on-demand. Learn more about how hydrogen power can work for you. CONTACT US Methanol Institute Founded in 1989, the Methanol Institute (MI) serves as the global trade association for the methanol industry representing the world’s leading methanol producers, distributors and technology companies. As the voice of the global methanol industry, the Methanol Institute works to protect existing markets for methanol while promoting the growth of emerging energy markets. Our programmatic activities are driven by member-led committees covering: Global Fuel Blending; Marine Fuel; Market Development; and Product Stewardship. ​ MI’s website at www.methanol.org is the leading portal for information about methanol, and their social media platforms highlight the latest news across the industry. Strategic Partner Associations RIX Industries RIX Industries is a global leader in designing, developing, manufacturing, service, and supporting industry-leading energy generation systems. Rix is a technology-focused company – and an expert partner working with e1 Marine to bring specialized hydrogen generation solutions to the market. RIX is a licensed manufacturer of Element 1’s M-series hydrogen generation technology Blue Sky Maritime Coalition Blue Sky Maritime Coalition acts to accelerate the U.S. and Canada maritime value chain’s pathway to net zero greenhouse gas (GHG) emissions by jointly developing and executing a roadmap to a commercially viable net-zero emission logistics value chain. Armistead Street Partners Armistead Street Capital Partners provides Strategic Advisory and Investment Banking services for institutional investors, corporates, project developers, private equity, and family offices. We focus on delivering unparalleled results for our clients across the Renewables, Hydrogen, LNG & Energy Infrastructure, and Marine industries. Armistead Street Partners are advisors to e1 Marine, Element 1 Corp, Ardmore Shipping, and Maritime Partners. Financial Advisor Partner Green Marine It is GREEN MARINE ’s mission to support and accelerate the maritime green transition process. They use the UN Sustainable Development Goals as their guiding framework and focus on sustainable business acceleration. Decarbonization of the global shipping industry is a requirement in most ports across the globe. GREEN MARINE is facing the challenge head-on by accelerating the decarbonization and transformation of the shipping industry.

Decarbonising short sea shipping vessels The emissions profile of short sea shipping vessels is a growing concern and the pressure to transition away from fossil fuels is increasing from governments, regulators, investors, banks, and customers. ​ However, e1 Marine technology that converts methanol into hydrogen fuel can overcome this challenge in short sea shipping, including for ferries, passenger boats, high-speed crafts, tugs and offshore service vessels. READ MORE Short Sea Hydrogen power for the marine sector: onsite, onboard and on-demand. Learn more about how hydrogen power can work for you. CONTACT US Short Sea: Ask about leasing options with Maritime Partners Maritime Partners offers flexible leasing options and construction financing for the vessel operator looking to adopt clean technology for a modern fleet. M30 S130 M18 VIEW OUR PRODUCT SPECIFICATIONS

Deep Sea Ocean transport is essential to international trade, connecting the world economy while maintaining global supply chains, and can play a critical role in achieving ambitious climate action. ​ We must look beyond the shipping sector as a whole and take an integrated approach to the transition, taking into account the energy supply chain and the critical role of ports in producing and providing green energies and services. READ MORE Scalable technology onshore and on-board Hydrogen power for the marine sector: onsite, onboard and on-demand. Learn more about how hydrogen power can work for you. CONTACT US Deep-Sea: Ask about leasing options with Maritime Partners Maritime Partners offers flexible leasing options and construction financing for the vessel operator looking to adopt clean technology for a modern fleet. Decarbonising deep-sea shipping In June 2021, the International Maritime Organization adopted short-term measures to reduce the carbon intensity of all ships by 40% by 2030, compared to 2008 with tighter goals set for a 70% reduction by 2050. As 2030 comes closer, and with growing financial and commercial pressures to decarbonize faster, shipping is looking for alternative power sources. Shipowners and operators can make changes to stay competitive and achieve the emissions targets set by the International Maritime Organization (IMO) and other external forces. Batteries have been considered viable for short sea shipping but have limitations in high tonnage and long-range operations. Hydrogen can provide the solution for deep-sea shipping, which requires a significant amount of energy for longer range. M-Series Hydrogen Generator Mobile (onboard), on-demand hydrogen generators e1’s M-Series hydrogen generator takes our advanced fuel reforming and hydrogen purification technologies directly onboard fuel cell buses, heavy-duty logistic vehicles, and marine applications. The compact M-Series was designed to displace stored compressed hydrogen to support fuel cell propulsion applications. DOWNLOAD PDF S-Series Hydrogen Generator Small-Scale, On-Demand, Hydrogen Generator e1’s S-Series hydrogen generator uses our advanced catalytic reforming and hydrogen purification technologies to convert a mixture of methanol and DI water into high purity hydrogen, on-site and on-demand to economically meet the needs of 1 kW to 10 kW fuel cell power solutions. The S-Series was designed to displace expensive cylinders of compressed hydrogen for critical power applications where long runtimes are required. DOWNLOAD PDF Containerized Hydrogen Generator Clean, Cost Effective and Reliable Shore Power e1 Marine has developed a modularized containerized methanol/fuel cell power solution that can provide zero emission MW scale power, in a flexible mobile container for cold ironing at the pier, on a barge, or lifted onto the vessel itself. DOWNLOAD PDF Marine Hydrogen Generators Our range of hydrogen on-demand generators provides numerous options and maximum flexibility to meet your needs. M30 S130 M18 VIEW OUR PRODUCT SPECIFICATIONS