Trading giant Gunvor invests in Artemis Technologies

The global energy commodities trader has invested in the Belfast-based company, which is developing an electric hydrofoiling propulsion system, the Artemis eFoiler, to power ‘green’ vessels of the future.

As reported by, earlier this year the Belfast Maritime Consortium led by Artemis Technologies won a UK Government innovation grant to develop zero emissions ferries in the city.

The initial grant is for £33 million but total project investment will come close to £60 million over the next four years, creating some 125 research and development jobs, and leading to more than 1,000 in the region over the next decade.

Established in 2017, Artemis Technologies, is an applied technologies spin-off of the Artemis Racing sailing team, which competed in the 34th and 35th editions of the America’s Cup.

The company is a commercial enterprise that draws on the team’s world-class designers, engineers, and boat builders to develop practical applications for its advancements in speed and efficiency.

‘Artemis Technologies is working on a number of compelling innovations that will help decarbonise the maritime sector at a time when there is growing demand for low-carbon alternatives,’ said Torbjörn Törnqvist, Chairman of Gunvor Group.

‘Gunvor has committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes, as well as to explore relevant commercial opportunities. There is no silver bullet to the climate change issue. Many solutions are needed.’

Gunvor’s investment will aid Artemis Technologies in its development of the Artemis eFoiler. The vessels developed as a part of the Belfast project will operate with up to 90% less energy than traditional ferries, with the capability of carrying up to 350 passengers and produce zero emissions during operation.

This Artemis eFoiler system combines technologies from the 13-partner Belfast syndicate, which includes a mix of companies within the maritime, aerospace, energy, and automotive industries, as well as academic institutions and public bodies.

‘With approximately 30% of ship emissions coming from domestic voyages, the maritime sector is under pressure to develop and adopt new disruptive innovations,’ said Double Olympic sailing gold medallist and CEO of Artemis Technologies, Dr Iain Percy OBE.

‘This means that reducing emissions on smaller domestic fleets, which typically make these shorter journeys, will be key in meeting net zero goals.’

Lesley Bankes-Hughes

Lesley Bankes-Hughes