Tidal Transit & HICO Secure Equity Funding For Six New-Build Electric Vessels

Tidal Transit, a leading owner of purpose-built crew transfer vessels (CTVs) for the offshore wind industry, has secured equity financing from maritime and logistics investor HICO Investment Group to expand its fleet with six new electric CTVs (E-CTVs).

This strategic expansion is a direct response to growing demand for zero-emission CTV solutions from offshore wind operations and reinforces Tidal Transit’s and HICO’s commitment to reducing diesel dependency in the sector.

E-CTVs offer dramatically lower emissions, greater energy efficiency, significantly lower operating costs and greater personnel comfort than conventional diesel-powered vessels.

Wind farm operators will benefit from alignment with science-backed emissions goals, lower maintenance downtime, the leveraging of electricity from their own wind farms and greater comfort from the near silent and vibration free propulsion.

The six new builds, to be delivered from 2026, will complement Tidal Transit’s existing fleet of ‘electric frontrunner’ CTV’s whilst the industry transitions to electric. To help further accelerate this transition, the company is also spearheading a landmark diesel-to-electric retrofit project, (e-Ginny) funded by Innovate UK and the UK Department of Transport, proving that existing diesel CTVs can be converted to 100% electric power and recharged offshore.

Leo Hambro, director of Tidal Transit, emphasised the urgency for the industry to adopt electric solutions: “The offshore wind industry has reached a transition moment where the green electricity produced can be efficiently used to propel the vessels that service it.

The continued burning of fossil fuels contradicts the very purpose of harnessing renewable wind power. With HICO’s backing, Tidal Transit is committed to making the switch to electric CTVs not just viable, but also inevitable.

The Offshore Wind Industry has a responsibility to its stakeholders and consumers to make this step and actively embrace the rapid decarbonisation of the supply chain.

“Built together with our network of marine and engineering partners, these six new E-CTVs mark the world’s first fleet of multi-functional electric CTVs and a major milestone in our journey towards the electrification of offshore wind.”

Chris Hartnoll, CEO at HICO Investment Group, added: “Tidal Transit’s vision to electrify offshore wind is exactly the kind of bold, transformative innovation that HICO is committed to backing. This fleet expansion is an industry first, it’s a defining moment for the maritime sector, proving that large-scale electrification of offshore service vessels is no longer a distant aspiration but an operational reality. This milestone will accelerate fundamental shift across the industry, unlocking new standards of sustainability, efficiency and cost-effectiveness. We’re proud to support Tidal Transit as they lead the charge in setting a new benchmark for zero-emission offshore energy logistics.”

Press Release

Source: Maritime Shipping News