Compagnie Maritime Monegasque secures $94m for ethanol-powered vessels
Compagnie Maritime Monegasque (CMM), a leader in the Brazilian Offshore Support Vessel market, has successfully secured up to $94 million in financing, marking a significant advancement in sustainable maritime operations. The financing, provided by Summit Ridge Capital Partners with additional support and co-investment from Panorama Capital Partners, aims to transform the landscape of maritime logistics through innovative environmental solutions.
This strategic financial infusion will enable CMM to recompose its shareholder structure and expand its fleet, including the construction of pioneering ethanol-powered Platform Supply Vessels in Brazil. This initiative not only positions CMM as a frontrunner in the global shift towards sustainable maritime operations but also highlights ethanol as a viable alternative fuel source in an industry under pressure to decarbonize.
Christopher Park, CEO of Summit Ridge, expressed enthusiasm about their contribution to CMM’s groundbreaking project: “Summit Ridge is proud to support CMM’s innovative approach to maritime logistics. This strategic investment reflects our ongoing commitment to environmental stewardship and our belief in Brazilian Shipping and the economic potential of sustainable energy solutions.”
Christophe Vancauwenbergh, CEO of CMM, shared his optimism regarding the new partnership and its implications for the company’s future: “We are thrilled to partner with Summit Ridge and Panorama on this transformative journey. This financing not only strengthens our capital structure but significantly accelerates our transition to a sustainable fleet, offering both environmental and economic benefits on a global scale.”
Stephanos Velissaropoulos, founding partner of Panorama Capital Partners, also commented on the transaction’s significance: “Our involvement in this transaction underscores our dedication to advising and investing in sustainable infrastructure and technologies. CMM’s initiative to deploy ethanol-powered vessels is a game-changer for the maritime industry and represents a substantial advancement in eco-friendly marine operations.”
Compagnie Maritime Monegasque (CMM) is renowned for providing innovative solutions to the Brazilian Offshore Support Vessel market, boasting one of the most modern fleets in Brazil. Committed to sustainable practices, CMM is pioneering the adoption of ethanol-powered vessels to reduce environmental impact, setting a new standard for ecological responsibility in maritime logistics.