The government has earmarked £60 million to develop green maritime technologies and decarbonise the sector.

The funding will fuel a two-year project that will see various British companies grow their solutions to eventually have them ready to not only take to market – but at scale.

One of the firms set to benefit from the investment is Belfast-based Artemis Technologies, which is developing vessels that offer energy savings of up to 90% and produce zero-emissions when foiling.

CEO of the company, Iain Percy, said: “We are thrilled that [the government] has once again recognised the integral role Artemis Technologies can play. We are emboldened to advance our green technology projects, develop world-leading clean vessels for our seas and continue on our mission to lead the decarbonisation of maritime.”

Transport Secretary Mark Harper went to visit the firm to see first-hand the technologies being developed.

He added: “Our maritime sector imports 95% of goods into the UK and contributes £116 billion to our economy – more than both aviation and rail combined. With growing the economy one of the government’s top priorities, we must continue our efforts to ensure the UK remains a pioneer in cutting-edge clean maritime solutions.

“The funding we’re awarding today will help to do just that, bringing emission-free concepts to life and fuelling innovation.”