ECOsubsea secures USD 6.2m loan to scale up Singapore operation

Government agency Innovation Norway provides sustainable hull-cleaning pioneer ECOsubsea with a NOK 69m (USD 6.2m) Green Growth Loan that will part-fund the construction of more of the company’s next-generation hull-cleaning robots, as it gears up to significantly expand its operations in the world’s second-busiest port.

The Austevoll-based company undertook its first commercial clean in Singapore in the autumn, using its first next-generation cleaning robot dubbed the ‘Pink Panther’ (prototype pictured). Cleanings are performed while vessels are bunkering at anchor, with the robot deployed from a specially adapted tug vessel.

The Green Growth Loan will support the construction of further robots in a project worth NOK 150m in total. The robots will be built in Norway and deployed in Singapore, while the total project cost includes the cost of retrofitting port service vessels to carry them. Increasing ECOsubsea’s capacity in Singapore comes as ship operators increasingly realise the bottom-line value of keeping hulls clean, reducing fuel consumption and CO2 emissions.

“The purpose of Green Growth Loans is to incentivise private capital while providing attractive terms for companies investing in climate-friendly solutions,” said Innovation Norway CEO Håkon Haugli. “ECOsubsea’s results have surpassed all expectations, and this year will be the first full year of operation for the Pink Panther. We are proud this unique solution has been developed by a Norwegian company. ECOsubsea has secured a strong head-start in a huge market and have big ambitions to scale up the business in the coming years. With this load we are actively contributing to that effort.”

The loan will be matched with equity from private investors over the next six months and the plan is to have the new robots target delivered within 2025.

ECOsubsea Managing Director Tor Mikal Østervold added: “It’s a question of keeping the status quo or taking concrete action to minimise marine fouling. The only way to do this is scaling safe, effective and eco-friendly solutions. As market leader we have a clear advantage and strong technology competence. The loan provides a catalyst for us to scale faster and make an even bigger contribution to preserving the environment. So we are very grateful for Innovation Norway’s support and collaboration.”

ECOsubsea performed its first commercial cleaning in 2012 and has developed its hull cleaning technology iteratively since then. The new Pink Panther cleans hulls in 7.66-metre swathes, enabling a large tanker to be cleaned in just four hours. This compares with up to 40 hours for traditional cleaning methods using divers with the ship at berth. The ability to clean hulls while bunkering at anchor is a major time-saver, contributing to safer and more efficient turnarounds.

The patented Pink Panther technology also offers strong benefits for the local marine environment and climate generally. The robot collects all fouling debris from hulls, minimising the spread of invasive species and stopping hull-coating toxins from polluting the seabed.

ECOsubsea estimates that effective, industry-wise hull cleaning has the potential to reduce emissions from shipping by 100 million tons of CO2 globally every year. The company aims to cut two million tons in 2025 alone. Going forward its long-term ambition is to capture 50% of the hull cleaning market through a global network of 250 cleaning robots in locations including Singapore, Panama, Suez and Gibraltar where ships concentrate.