The Bahamas-based maritime startup Veer will soon select a shipyard to commence the construction process, according to Offshore Energy.
Veer’s solution is a wind-powered containership with auxiliary fuel cell propulsion that utilizes green hydrogen as fuel and DynaRig sails. The company’s breakthrough first ship design, ‘Design Nº1’, will be the first absolute zero-emission containership capable of crossing an ocean.
As informed, the company has secured €50 million Letter of Intent (LOI) to finance the design and construction of these ships and has received bids from five capable European shipyards.
Veer plans to award construction to a shipyard in the coming weeks and enter into an LOI with the winning shipyard.
‘Design Nº1’ has been selected by the European Maritime Safety Agency (EMSA) as an exemplary vessel used in two industry studies, one on wind propulsion and one on hydrogen propulsion.
At this time, Veer is announcing the launch of a Series A investment round and welcomes investors seeking to meaningfully contribute to the transformation of shipping.
Veer’s first fossil-free solution is a series of 100-meter containerships powered by hydrogen fuel cells combined with wind for increased speed and range. Veer intends to provide a fast and clean container shipping service to a market struggling with the notoriously hard-to-abate shipping sector.
In October 2022, the Freeport-based company received Approval in Principle (AiP) from the classification society American Bureau of Shipping (ABS) for its zero-emission ship project.