Using the funds generated from its capital raise via the online platform VCEX, Poseidon Marine H2 is one step closer to having a H₂-powered boat in the water by 3Q 2023 after commissioning a finite element analysis of its designs.

The testing carried out by an independent company will provide Poseidon Marine H2 with a proof of concept for its technology that will allow boats to operate off multiple fuels including diesel and H₂.

By the end of August 2022, the company will provisionally patent their technology and begin the process of getting it certified by insurers.

Following this, they will be able to form licensing agreements with large manufacturers and industrial/public contracts with defense forces, ferry operators, police bodies and other major maritime sectors around the world.

“This is a monumental step forward for us, as it means our technology will be proven by third-party sources, allowing us to begin signing commercial deals with significant players in the industry over the next three to six months,” said Poseidon Marine H2’s Director & Principal, Peter Mastalir.

“We believe this will put us in a strong position to have a boat in the water by 3Q of next year, supported by a series of offtake agreements so we can hit the ground running once the product is commercialized.”

The company says potential customers and manufacturers are excited by their technology as it will allow boats to operate off current fuels and a carbon-free alternative when the infrastructure is in place.

Once they have a working boat in Q3 2023, the company will seek to commercialize their product via a planned public listing in early 2024.