VTAS Contract Milestone Successfully Navigated
The Energy Technologies Institute is a £400m industry and UK government partnership into the acceleration of low carbon technologies to address climate and energy targets. The VTAS project is a critical part of that process in the marine shipping sector.
Throughout the delivery of this project the aim is to ensure and secure an enduring entity that will make an impact in the market and enable a reduction in fuel usage and thus reduce carbon contributions across shipping fleets, via the release of financial capital. As a result we have set challenging levels of development and engagement with the VTAS project team.
The team was selected after an exhaustive process based on their technical knowledge, commercial enterprise and international reach. It comprises BMT working with Black & Veatch to bring together their expertise to this most difficult of challenges. Stage Gate 1 (held in July 2018) was a contractual milestone introduced at the outset of the project to ensure the project, and more importantly the commercial development of the enduring entity, was meeting the goals and aspirations set for it.
This formal process demonstrated to a panel of representatives from the ETI and its member organisations that the project team has a comprehensive grasp of the project from a technical and business perspective. A number of aspects are being advanced to support and ensure that the enduring entity is robust and well positioned going forward, these include continuing stakeholder engagement and the development of the three core models: voyage assessment, risk and uncertainty and shipping finance. The business proposition is understood and is being refined to offer a range of innovative services to the commercial shipping market. The coming months will be challenging, however, I am confident the team will rise to address these. I look forward with personal and professional interest to the commercial launch of VTAS: the Vessel Technology Advice and Support in 2019.