Strategic investment accelerates
sustainability in shipping
ST.
LOUIS, Nov. 20, 2023 /PRNewswire/ -- Emerson
(NYSE: EMR), a global automation technology and software company,
today announced it has made a strategic investment in Frugal
Technologies, a Danish-based company that offers fuel optimization
technologies that reduce energy use and emissions in shipping
fleets. The investment aligns with Emerson's fuel management and
propulsion control and optimization expertise in its marine systems
and solutions business.
On average across vessel types, fuel consumption accounts for
approximately 60% of operating costs. Frugal's cloud-based
propulsion optimization software uses AI technology to collect data
related to dynamic conditions such as weather, cargo load and
propulsion and develop optimal engine models for ships. Frugal
estimates its propulsion solutions generate savings of up to 15% in
fuel consumption, contributing to a lower carbon footprint.
"Our propulsion solution supports two critical pain points in
the market: optimizing energy use to reduce fuel costs and helping
ship owners comply with more stringent emissions targets," said
Peter Hauschildt, co-founder and
chief executive officer of Frugal Technologies. "Our fuel
optimization technology complements Emerson's marine expertise and
automation portfolio, and together we are well positioned to help
fleet performance leaders better manage their fuel costs and meet
their sustainability targets."
New global environmental regulations have sparked innovation to
support shipping companies in their sustainability journey. The
International Maritime Organization has stated its goals to reduce
carbon intensity of international shipping by at least 40% by 2030
and 70% by 2050.
"Frugal Technologies' mission aligns very well with
our commitment to drive innovation that supports our customers in
their sustainability journey," said Jon
Stokes, group president of Emerson. "Our shipping customers
demand the best fuel consumption measurements and data available to
make better, more informed decisions, and Frugal, combined with our
technologies, provides an unparalleled value proposition for fuel
optimization."
About Emerson
Emerson (NYSE: EMR) is a global technology and software company
providing innovative solutions for the world's essential
industries. Through its leading automation portfolio, including its
majority stake in AspenTech, Emerson helps hybrid, process and
discrete manufacturers optimize operations, protect personnel,
reduce emissions, and achieve their sustainability goals. For more
information, visit Emerson.com.
About Frugal Technologies
Frugal Technologies provides ship owners a competitive product
offering in propulsion efficiency and greener shipping ahead of
regulations – adding intelligent on-top solutions to existing
vessel control systems with all safety functions intact. With the
add-on cloud-based software solution My Data, fleet performance
managers get access and visibility to vessel performance data,
empowering them to act and take decision on latest business
intelligence. For more information on Frugal Technologies please
visit: https://frugal.dk/
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly
historical may be "forward-looking" statements, which involve risks
and uncertainties, and Emerson undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the scope, duration and ultimate impacts of
the Russia-Ukraine and other global conflicts, as well as
economic and currency conditions, market demand, pricing,
protection of intellectual property, cybersecurity, tariffs,
competitive and technological factors, inflation, among others, as
set forth in the Company's most recent Annual Report on Form 10-K
and subsequent reports filed with the SEC. The outlook contained
herein represents the Company's expectation for its consolidated
results, other than as noted herein.
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SOURCE Emerson