High Speed Transfers on carbon neutral quest following £2.28M Development Bank of Wales loan
Investors in this round: Development Bank of Wales
Offshore crew transfer specialists High Speed Transfers, based in Gorseinon Swansea, are closer to their zero emission dream after securing a £2.28 million loan from the Development Bank of Wales.
The company own and operate crew transfer vessels (CTVs), providing transport and services to customers in the construction and operation of offshore platforms. Services include crew transfer, cargo transport, and refuelling of generators. Trading since early 2018, High Speed Transfers specialises in providing CTV services to European wind farms.
The Development Bank loan is being used to finance the construction and purchase of a fifth, hybrid, CTV. The new CTV – the HST Ella being constructed on the Isle of Wight – will be the first hybrid CTV in operation in the UK.
The catamaran’s hybrid propulsion system incorporates an electric motor with a diesel engine, which drives a high-performance changeable pitch propeller (CPP) system.
High Speed Transfers CEO Tom Nevin said: “The HST Ella is a revolutionary design of vessel from Chartwell Marine – a Southampton based vessel designer. She is being built in the UK, on the Isle of Wight, by the team at Diverse Marine. HST Ella’s unique hybrid propulsion system allows silent, zero emissions operation at low speeds in ports, while maintaining highly effective and efficient performance during transit and transfer operations.
“A huge thanks to all involved in helping us start the journey towards zero emission shipping, we have worked extremely hard to assemble a great shore management structure to support our fantastic offshore crews who are performing 24/7 on our ongoing projects. Thank you to Alun and the team at the Development Bank, and our partners and shareholders for showing the trust in us to innovate in this great industry.”
Regional Manager for the Development Bank of Wales Alun Thomas said: “High speed Transfers is a fast growing, well-run and successful business based in south west Wales. It is great to support this business, especially with such an innovative vessel. The HST Ella will significantly reduce carbon emissions and is part of a future thinking sustainability-focused business plan from Tom and the team at High Speed Transfers. This investment also aligns with the Welsh Government’s commitment to tackling climate change, a commitment we support through impact investments like this one.”
Funding for the deal came from the Wales Business Fund, part-funded by the European Regional Development Fund through the Welsh Government.