CIBC Innovation Banking has provided a $20m debt financing package to maritime technology consolidator ZeroNorth.
ZeroNorth is planning to use the funding to bolster its growth through strategic mergers and acquisitions, which are expected to enhance the company’s data accessibility, “innovative” technology acquisition, and market share expansion.
Since its inception in 2020, ZeroNorth has become pivotal in the maritime industry’s energy transition and digital transformation.
In 2024, ZeroNorth’s platform facilitated the optimisation of 72,000 voyage legs, generating 1.5 million voyages and contributing to a reduction of over one million metric tonnes of CO2 emissions.
CIBC Innovation Banking director Tom Dods said: “The maritime industry is navigating unprecedented complexity, largely driven by the challenges of the energy transition and evolving regulations.
“To meet these demands effectively, the industry needs unified technology solutions that simplify operations and enhance decision-making.”
ZeroNorth offers a suite of six core services that leverage data and artificial intelligence (AI) to provide insights for voyage, vessel, and bunker optimisation, as well as for commercial decision-making.
ZeroNorth CEO Soren Meyer said: “The maritime industry is navigating unprecedented complexity, largely driven by the challenges of the energy transition and evolving regulations.
“To meet these demands effectively, the industry needs unified technology solutions that simplify operations and enhance decision-making. Our M&A strategy has enabled exactly that.”
In December 2024, ZeroNorth recorded its first month of positive earnings before interest, taxes, depreciation, and amortisation (EBITDA), supported by strong growth and nearly $40m in annual recurring revenue.
ZeroNorth, Vitol, and the Port of Rotterdam launched a four-week trial of ZeroNorth’s electronic bunker delivery note (eBDN) solution in November 2024.
This initiative aims to improve operational efficiency and data quality, marking a step toward shipping industry digitalisation.
"ZeroNorth secures $20m financing to drive maritime tech growth" was originally created and published by Ship Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
