VTAS Contract Milestone Successfully Navigated
The Energy Technologies Institute (ETI) is a £400m industry and UK government partnership accelerate investment in low carbon technologies to respond to climate change and energy targets.
The VTAS project is a critical part of that process in the commercial shipping industry.
Throughout the delivery of the project the aim is to ensure and secure an enduring entity that will make an impact in the market reducing fuel usage and reducing carbon emissions across shipping fleets through the release of financial capital. As a result we at the ETI 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. BMT working with Black & Veatch 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 ensure it, and more importantly the commercial development of the enduring entity, was meeting the goals and aspirations set for it - especially the commercial development of the enduring entity.
This formal process demonstrated - to a panel of ETI and member organisation representatives - that the project team has a comprehensive grasp of the project from a technical and business perspective. A number of aspects are being developed to 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 modelling and shipping finance. The business proposition is understood and is being refined to offer a range of innovative services to the commercial shipping market. Whilst the he coming months will be challenging, however, we are confident the team will rise to address these. We look forward with personal and professional interest to the commercial launch of VTAS - Vessel Technology Advice and Support - in 2019.