HICO Investment buys into UK CTV operator

HICO Investment Group, a private investment business of the Hartnoll family, has invested in low-carbon crew transport vessel (CTV) supplier Tidal Transit.

Tidal Transit’s ongoing projects include the development of the world’s first electric crew transfer vessel retrofit, onshore and offshore charging solutions, and a fully electric e-foiler in partnership with Artemis Technologies.

All these initiatives by Tidal Transit have received government funding through the Department for Transport and Innovate UK.

HICO’s investment in Tidal Transit expands its presence in the offshore wind sector and complements services offered by Britoil, a portfolio company specializing in offshore support vessels.

The investment firm acquired a significant stake in Britoil in 2021. In the autumn of 2023, Britoil bought 30 offshore vessels as well as supporting offices in Singapore and Genoa from Dutch shipowner Vroon.

“Together with our existing partners’ industry expertise and low-carbon technologies, we can truly move the needle towards fully electrified offshore crew transport. This partnership will help accelerate progress towards our combined mission to create a low-carbon, cleaner, and safer offshore wind sector,” said Leo Hambro, commercial director at Tidal Transit.

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