ION Geophysical Corporation [NYSE: IO] revealed that it has obtained a grant to advance port decarbonization through its climate-smart platform, Marlin SmartPort. The funding encourages the UK’s Ten Point Plan to tackle climate change and help attain the country’s net-zero emissions target by 2050.
The Clean Maritime Demonstration Competition is a £20 million investment from the government alongside a further ~£10 million from industry to cut emissions from the maritime sector. The program is backing 55 projects across the UK, consisting of projects in Scotland, Northern Ireland, and from the Southwest to the Northeast of England.
Furthermore, ION disclosed that its goal is to develop and authenticate fuel monitoring capabilities to start tracing and, eventually, cut port-related shipping emissions. The firm declared that its technology is centered on creating high-value information that drives smarter, safer management of the 5,000+ ports internationally and the 50,000+ cargo vessels that transit between them.
Additionally, the funding will allow the firm to continue promoting its maritime digitalization platform, Marlin SmartPort, which combines systems and data to offer better real-time visibility and actionable intelligence to operate with just-in-time efficiency, curtailing fuel consumption and emissions.