Ardmore Shipping Corporation (NYSE:ASC) Q1 2024 Earnings Call Transcript

Bart Kelleher: Sure. And as a reminder for the listeners. A few years ago, in 2021, the company made an investment in Element 1, which has proprietary technology to take methanol and produce pure hydrogen, and that can be used in a wide range of fuel cell applications and I think also important to remind that it was a multifaceted deal. So that was also when we put $40 million of preferred on our balance sheet at a time when the company really needed the capital. And so now today, Element 1, like other industrial companies when you have this proprietary technology and you’re looking to monetize it, they’re expanding their global scale in terms of license agreements across geographies and across verticals. So marine included, but really other verticals, off-highway, on-highway charging stations, aerospace.

So significant momentum with licensing revenue. And I think just also important to note though, like for us, that’s a $10 million investment. So a small portion of our overall asset base and the one that’s outside of our own fleet of actual vessels, but certainly part of our energy transition plan and team today.

Climent Molins: Thank you, that’s all for me.

Operator: There are no further questions. Ladies and gentlemen, this concludes today’s conference call. Thank you very much for your participation. You may now disconnect.