Business

Group to receive additional funding for GB project

As a result of the Inter-American Development Bank’s (IDB) $1.5 million IDB Lab loan for the Clean Marine Group’s MARPOL Port Reception, the facility will now receive a further $12 million in investments for expansion, the group’s principals said yesterday.

Clean Marine Group was a winner of the IDB Lab’s Blue Tech Challenge in the Caribbean.

Director of Marine Operations for Clean Marine Group Niels Jensen said yesterday at a contract signing at IDB House that environmental stewardship is an obligation for his company.

“At the end of the day we are what the Blue Economy would refer to as a Large Ocean State and we have to take responsibility for protecting our oceans, its reefs, its fisheries and to help sustain the livelihoods of many Bahamians who rely on the Blue Economy for generations to come,” Jensen said.

Clean Marine’s project involves using patented cavitation technology to process liquid wastes from marine vessels which then deems those vessels MARPOL (International Convention for the Prevention of Pollution from Ships) compliant.

Minister of State for Grand Bahama Kwasi Thompson said at the contract signing that given the size of Grand Bahama’s shipping industry, the island makes sense for the expansion of Clean Marine’s facilities.

“Quite frankly Freeport is the ideal place for a company like Clean Marine, which combines the use of the latest technology with the maritime industry,” Thompson said.

Thompson pointed to BORCO, the fourth largest trans-shipment oil terminal in the world, Stat Oil, the Freeport Container Port and the fact that The Bahamas is the world’s top destination for cruise ships.

“These are all reasons why Freeport is ideal for the use of this technology and the potential for growth and expansion on the island,” he said.

With the expansion will come an additional 35 employees, Thompson said, adding that the project will also create a number of construction jobs in its 12 to 18-month first phase.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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