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Emerson Invests in Frugal Technologies
News provided byEmerson
Nov 20, 2023, 9:00 AM ET
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."
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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