Nordic Unmanned has signed an agreement to form a joint venture (JV) with Finnish Aeromon which will see the companies partner on maritime emission monitoring.
According to Nordic Unmanned, a key motivation for the JV is to add important emission monitoring technology rights, and to further develop this environmental monitoring technology.
The JV will be organised in a new company, which will be owned 60% by Nordic Unmanned and 40% by Aeromon. The company will be a system integrator providing mobile maritime emission monitoring services to end clients. The largest client will be Nordic Unmanned, and the technology will be used in Nordic Unmanned’s existing contracts, and will be offered to new clients, such as maritime authorities, port authorities, and oil and gas companies.
Nordic Unmanned will invest €1.5 million in the JV, which will be co-located with Nordic Unmanned in Sandnes, Norway, and will have an exclusive right to acquire the remaining 40% of the shares of the company based on certain performance criteria.
‘With this joint venture, we will enter the global maritime and oil and gas emission monitoring market with the U.S and South-East Asia as the next target markets outside Europe,’ said Knut Roar Wiig, CEO of Nordic Unmanned. ‘As the International Maritime Organization (IMO) regulations are global, the current service offering we are providing is highly scalable. We expect this new contract to significantly expand our revenue potential and increase our EBITDA margin within the Green Solutions business area.’
Aeromon has developed maritime emission monitoring technology including hardware and software since 2015. The company’s technology has been utilised in multiple projects for a European maritime authority. Its technology has also been used by several other clients in emission monitoring.
The services provided by the new company will consist of delivery and license of emission monitoring data platform; providing emission monitoring equipment as a service; and providing data analysis and payload operations services (onsite/remote).
The JV ensures Nordic Unmanned worldwide exclusive rights to Aeromon’s verified technology in mobile monitoring of ship exhaust emissions, including SOX and NOX emissions. All maritime emission monitoring related products and services previously provided by Nordic Unmanned and Aeromon will be included in the new company.
The JV’s technology will also be made available to other customers, including Aeromon’s existing maritime customers as well as potential new customers.
Final establishment of the joint venture is expected to take place in Q3 2021.