(Alliance News) - Harland & Wolff Group Holdings PLC shares soared after forming a consortium aimed at developing and building a zero emissions harbour and coastal tug.
The Belfast, Northern Ireland-based multisite fabrication company operating in the maritime and offshore industry, has joined forces with Macduff Shipyards Ltd, Kongsberg Maritime Ltd and Echandia AB as part of the project.
Shares jumped 9.2% to 14.68 pence in London on Tuesday.
The envisaged tug will be 25.5 metres long, have a breadth of 12m, and a draught of 4.85m along with an "impressive" bollard pull for its size at 50 tonnes.
The tug is expected to have Azimuth stern drives and a series of modular battery banks.
Harland & Wolff will act as project lead and builders, Macduff Ship Design as designers, Kongsberg for propulsion and vessel control systems and Echandia as battery and electrical control systems specialists.
"This consortium has been put together to bring the very best technologies and skills required to deliver this pioneering green design," Harland & Wolff said in a statement.
The aim is to deliver a zero-emissions vessel that will utilise electric propulsion from stored battery power for day-to-day operations, backed up by generators driven by biofuel for exceptional operations or when shore charging support is unavailable.
The consortium believes a significant number of such vessels of smaller and larger designs and capabilities will be required in the coming decade.
Additionally, the technologies deployed are scalable to enter into the crew transfer vessels and service operation vessel markets.
While this development is not altering current forecasts, Harland & Wolff believes "that being part of this consortium demonstrates the standing that the company has in the market and represents a significant opportunity for the future."
By Jeremy Cutler, Alliance News reporter
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Harland & Wolff (HARL)