Ardmore Shipping Announces Definitive Agreements On Strategic Investment In Element 1 Corp., Establishment Of E1 Marine Joint Venture, And Preferred Stock Financing
Industry veteran Stuart Crawford named as Managing Director of e1 Marine
HAMILTON, Bermuda — Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore” or the “Company”) announced that it has entered into definitive agreements for the previously announced strategic investment into Element 1 Corp.’s unique methanol-to-hydrogen technology, including the establishment of the e1 Marine joint venture and Ardmore’s purchase of an approximately 10% equity stake in Element 1 Corp.
In a related transaction, Ardmore also entered into a definitive agreement for Maritime Partners, LLC to invest at least $25 million and up to $40 million in the Company’s newly created Series A 8.5% Cumulative Redeemable Perpetual Preferred Shares.
Ardmore also announced that e1 Marine has hired Mr. Stuart Crawford as Managing Director. Mr. Crawford has more than 35 years of technical, operational, and commercial management executive experience in the Marine industry, having previously held positions at Teekay, Seaspan, Pioneer, and Clean Ocean LNG.
Source: Ardmore Shipping