In this episode of CEOLIVE.TV we are joined by Pacific Green Technologies’ Scott Poulter who is heading up their international business development efforts in the marine sector.
Pacific Green Technologies (PGTK) announced at the end of 2016 they have closed an agreement with Union Maritime to retrofit their innovative scrubber technology onboard the Chemical Tanker MV “Westminster” in Q1 2017.
International Cargo Shipping Demand, including dry bulk, crude oil and container shipments is projected to grow by over 1 billion tons to 8 ½ billion by 2020 according to data from Global Insight’s World Trade Estimates.
At the same time The U.S. Environmental Protection Agency (EPA) and the International Marine Organization (IMO) recently enacted a series of new regulations designed to reduce emissions from large ships and improve air quality.
Large ships such as container ships, tankers, bulk carriers, and cruise ships are significant contributors to air pollution in many of the world’s cities and ports.
In fact just one of the world’s largest container ships can emit about as much pollution in a single year as 50 million cars according the the UK’s Guardian.
And the 15 largest ships in the world emit as much nitrogen oxide and sulphur oxide as the world’s entire fleet of around 760 million cars.
Pacific Green Technologies, ticker PGTK, has developed a portfolio of Emissions Control Technologies for use in both power plant and marine applications.
They have a veteran management team and a global footprint with offices in the U.S., Europe and China and they’re rolling out one of the most competitive technologies to date to help large ships with Category 3 diesel engines control emissions and meet increasingly strict environmental regulations now and into the future.
They beat out competing technologies in 3 ways:
1. They’re cheaper to build – they’re smaller so take less material and labor to construct.
2. They’re cheaper to operate – their greater efficiency results in an 80% reduction in electricity consumption.
3. And they use less water.
By 2020, the sulfur in marine fuel emissions must be reduced by 90% and right now the only solution on the table is low sulfur fuels which will effectively double shipping costs will further strain a struggling world economy.
More cargo shipped means more ships, more fuel burned, more emissions and therefore greater demand for technologies to help the shipping industry meet IMO Tier II and Tier III regulations as cheaply and quickly as possible.
With an overall Emissions Control market projected to be worth $16.09 Billion USD by 2021 and with new emissions control regulations taking effect in 2020 and giant shipping fleets scrambling for the cheapest way to meet compliance standards – PGTK’s patented emissions control technology is well positioned to grab market share.
So check them out at www.pacificgreentechnologies.com, ticker PGTK.
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