ION receives grant to support UK net zero target through port decarbonization

Rhea-AI Summary

ION Geophysical Corporation's Edinburgh-based Software group has received a grant to enhance port decarbonization through its Marlin SmartPort™ platform. This initiative is part of the UK's Ten Point Plan aimed at achieving net-zero emissions by 2050. The six-month Data-Led Emissions Management (D-LEMA) project will estimate vessel fuel usage and CO₂ emissions around ports, aligning with the Clean Maritime Demonstration Competition funded by the UK Department for Transport. Approximately 90% of global goods are transported by sea, accounting for nearly 3% of CO₂ emissions.

Positive

• Received a grant for advancing port decarbonization.
• Marlin SmartPort™ platform aims to optimize fuel usage and reduce emissions in port operations.
• Supported by a significant UK government investment of £20 million alongside £10 million from industry.

Negative

• None.

HOUSTON, Sept. 16, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation’s Edinburgh-based Software group today announced the Company received a grant to advance port decarbonization through its climate-smart platform, Marlin SmartPort™. The grant supports the UK’s Ten Point Plan to address climate change and help achieve the country’s net-zero emissions target by 2050. The Data-Led Emissions Management (D-LEMA) project is part of the Clean Maritime Demonstration Competition, funded by the UK Department for Transport and delivered in partnership with Innovate UK. The 6-month pilot study will validate whether vessel fuel usage and carbon dioxide emissions can be reliably estimated in and around ports using the International Maritime Organization (IMO) global standard.

Announced in March 2020, and part of the Prime Minister’s Ten Point Plan to position the UK at the forefront of green shipbuilding and maritime technology, the Clean Maritime Demonstration Competition is a £20 million investment from government alongside a further ~£10 million from industry to reduce emissions from the maritime sector. The program is supporting 55 projects across the UK, including projects in Scotland, Northern Ireland and from the South West to the North East of England. As set out in the Clean Maritime Plan (2019), Government funding has been used to support early stage research relating to clean maritime. The program will be used to support the research, design and development of zero emission technology and infrastructure solutions for maritime and to accelerate decarbonization in the sector.

“Today approximately 90% of goods are transported by sea and global shipping accounts for nearly 3% of global CO₂ emissions,” said Stuart Darling, Senior Vice President of ION’s Software group. “Our technology is focused on creating high value information that drives smarter, safer management of the 5,000+ ports globally and the 50,000+ cargo vessels that transit between them. This grant enables us to continue advancing our maritime digitalization platform, Marlin SmartPort, which integrates systems and data to provide better real-time visibility and actionable intelligence to operate with just-in-time efficiency, minimizing fuel consumption and emissions. Our goal is to develop and validate fuel monitoring capabilities to start tracking and, ultimately, to reduce port-related shipping emissions. On behalf of ION, I would like to thank our project partners, Plymouth Marine Laboratory, who will supply the data, and the Offshore Renewable Energy Catapult, who will assist with the analysis.”

To learn more, visit iongeo.com/MarlinSmartPort.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the ultimate benefits of our completed restructuring transactions; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

FAQ

What is ION Geophysical's recent grant announcement related to?

ION Geophysical received a grant to advance port decarbonization through its Marlin SmartPort™ platform as part of the UK's Ten Point Plan.

How does Marlin SmartPort™ contribute to emissions reduction?

Marlin SmartPort™ integrates systems and data to provide real-time visibility and actionable intelligence, aiming to minimize fuel consumption and emissions in port operations.

What is the Clean Maritime Demonstration Competition?

It is a UK government-funded initiative with a £20 million investment aimed at reducing emissions from the maritime sector, supporting various projects including ION's D-LEMA.

How is ION Geophysical involved in climate initiatives?

ION's involvement includes developing technology to estimate fuel usage and CO₂ emissions in ports, supporting broader decarbonization efforts in the maritime industry.

What are the goals of the D-LEMA project?

The D-LEMA project aims to validate estimates of vessel fuel usage and carbon emissions using global standards, contributing to the reduction of port-related shipping emissions.