Genoil Inc has been awarded the ‘One to Watch’ award at the prestigious Fathom Ship Efficiency Awards 2016 for their Hydroconversion Upgrader (GHU) technology that converts heavy crude oils and refinery residual products into cleaner, lower emission energy.
The ‘One to Watch’ award recognises the potential of a commercially viable project, concept or technology that can lead to significant progress in advancing maritime energy efficiency and environmental impact reduction.
The award given in recognition of Genoil’s ability to help the industry address issues in the marine fuel supply chain when the global 2020 sulphur cap is introduced, which stipulates that vessels must burn fuel with a sulphur content of less than 0.5%.
The panel of judges that selected Genoil’s GHU technology as the winner of the ‘One to Watch’ award, included Katharine Palmer, Environmental Manager, Lloyd’s Register; Mark Cameron, Chief Operating Officer of Ardmore Shipping; Arthur Bowring, Managing Director of the Hong Kong Shipowners Association; Iver Iversen, Director New Technology and Regulatory Affairs, Wilh.Wilhelmsen Holding ASA; and Tristan Smith Lecturer, University College London.
The 2016 Ship Efficiency Awards ceremony was hosted by Lloyd’s Register in London on November 2, 2016.
Genoil’s GHU technology can take Heavy Fuel Oil (HFO) and turn it into compatible and more cost-effective low sulphur fuel oil, compliant with new the new 2020 regulations, while maintaining all of the other standard marine fuel oil qualities that make it the most popular fuel source amongst shipping lines worldwide. Genoil’s innovation improves upon the existing data-verified hydroconversion technology, which is currently used in nearly 85% of the world’s reactors. A Genoil GHU unit can be placed in locations including receiving terminals, pipelines and ports.
Commenting on the award win, Bruce Abbott, President and Chief Operating Officer, Genoil said:
“Winning the ‘One to Watch’ award at the Fathom Ship Efficiency awards is a fantastic achievement for Genoil. The issue of compliance with the global 2020 sulphur cap is one that affects everyone in the shipping industry. With an anticipated rise in crude prices by 2020, which will increase the cost of distillates, as well as concerns regarding availability, the pressure is on. This award demonstrates that there are solutions available to the industry, and that Genoil’s GHU is one that will have a significant impact on ensuring supply and compliance, as well as profitability for all stakeholders involved in the marine fuel supply chain.”
Genoil has filed more than 20 patents in relation to the technology, and has accrued an abundance of test data that verifies the viability of the product. The viability of the technology is also demonstrated through significant third-party support. In 2015, Genoil signed a USD 700 million joint venture with Chinese government refining operator Hebei Zhongjie Petrochemical Group Company Ltd. (HYT), and in April this year the company secured a USD 5 billion letter of intent for the funding of a 500,000 barrel per day (bpd) desulphurisation and upgrading project, to be located in the Middle East. The project will see the implementation of Genoil’s proprietary technology producing 500,000 bpd of low sulphur crude oil.
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