RINA and 5M Renewables sign MOU to develop the Floating Green Hydrogen Vessel Project

01 Mar 2022

This collaboration will contribute to the decarbonization efforts of the marine and energy segment

RINA has signed a Memorandum of Understanding (MOU) with 5M Renewables for the collaboration on the concept development for the Thessalonica HydroShip™, which is a Floating Green Hydrogen Production Vessel.

This collaboration will contribute to the decarbonization efforts of the marine and energy segment and includes a carbon credit offset program that will be beneficial for owners, charterers and other stakeholders.

The agreement was signed remotely on 9 February 2022 by RINA Asia Marine Senior Director Mario Moretti, RINA Energy & Mobility Director Vincent Chua and two representatives from 5M which are Mr. Ross Darrell Feingold, Shareholders Representative in Taiwan and Mr. Ace Fujiwara, Managing Director in Thailand. 

The scope of collaboration will cover two segments; covering the vessel design and the topside production which will include the green hydrogen production and distribution systems. 

Thessalonica HydroShip™ converts the energy from wind or tidal stream turbines into green hydrogen. It does not require the use of a FPSO, thus greatly reducing the overall levelized cost of energy (LCOE) to yield cost competitive green hydrogen.

The ready-made wind/tidal stream turbines, off-the-shelf electrolyzers, and other proven plant equipment will have their configuration optimised to deliver cost competitive green hydrogen at near to shore distances.

This eliminates intercontinental delivery point transport & logistics, further cutting the long-term operating cost of hydrogen to end user markets.

The configurations of the Thessalonica HydroShip™ will incorporate carbon offset and certification standards to EU-ETS, GS, Verra, JCM etc.