Oceanways Technologies, Ltd., whose mission is to decarbonize shipping by pioneering the market of underwater transport. As part of this mission, Oceanways is building the world’s first zero emission autonomous submarine fleet. This design will not only offer green cargo transportation, it will restore the ocean as it goes. 

Mid September, Oceanways was announced as one of 55 winning projects of a £23 million government-funded R&D competition by Transport Secretary Grant Shapps, in Greenwich. The competition winners were announced during a green London’s International Shipping Week. The Clean Maritime Demonstration Competition, announced as part of the Prime Minister’s 10-point plan for a green industrial revolution, is supporting the development of innovative technology to propel the government’s commitment to having zero-emission ships operating commercially by 2025 – creating hundreds of highly skilled jobs across the nation and establishing the UK as a world leader in clean maritime.

The submarine is designed to run on hydrogen and collect both microplastics and ocean data. The hydrogen fuel cells can power the submarine for 500 km. Microplastic filtration is performed using filters which both capture and sample the contaminants. Their prototype, Esmeralda, was deployed near the end of September.

Are you developing new technology for a new application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

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If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.