Australia’s Poseidon Marine H2 says it is expected to have a hydrogen-powered boat in Australian waters within the next 18 months after bringing in key engineers from Dynamic Efficiency.
The Poseidon Marine H2 is owned and funded by Liberty Energy Capital, the fund behind a number of Australian hydrogen vehicle plays, including H2X and Aviation H2. Poseidon H2, its marine unit, has brought in two engineers, Peter Mastalir and Kevin Morgan, to “lead the development of an emission-free happy craft” by consulting Dynamic Efficiency.
The company says the pair are now looking to take on the hull of existing happy crafts and “redesign” it.
“Initially, we will follow a rigorous 10-month research and development process, then start building a more commercially viable option,” Mastelir said. “We intend to use existing technologies as much as possible, which is why we want to use existing hull design with a unique upper deck and interior design.”
Poseidon H2 is owned via way of means of Liberty Energy Capital, an Australian funding organization with “considerable positions” in 18 hydrogen-targeted companies.
Its investments include H2X Global, Patriot Hydrogen, Aviation H2, Sweetman Renewables, Verdant Earth Technologies and Port Anthony Renewables Limited.
Liberty Energy Capital’s portfolio is heavy on biomass-to-hydrogen projects. It has a stake in almost every company with biomass based projects in Australia. Biomass is not a zero-emission technology.
The Poseidon H2, meanwhile, looks like its hydrogen-fueled boat is targeting regular customers. It described its design as a happy craft. Many have questioned the potential market acceptance of consumer hydrogen vehicles because they are less efficient and more expensive than electric alternatives. Supported by Liberty Energy Capital, H2X focuses heavily on consumer cars in its current automotive rollout, which is expected to continue unveiling new models this year.
“Our first goal is to build a good boat, which is powered by hydrogen. In short, it is to ensure that it has an equivalent operating range, requires less maintenance and is cheaper to run than conventional fuel sources such as diesel,” Mastelir said.
The company is confident that it will be able to create a model that will allow the new top to be seamlessly installed in the recycled hull. Once commercialized, it said it would lead to “rapid acquisition by significant players” because “most of the infrastructure for a carbon-free boat is already on hand.”
Both Mastelir and Morgan have been appointed to the Poseidon H2 board