GEV said the funds raised will be applied toward the construction of the four CNG ships, development of global CNG opportunities and general working capital for 2019.
“As GEV has now completed all of the testing and approvals for the CNG Optimum 200 ship, R&D expenditure required during 2018 is behind the company with the focus on shipyard selection for construction and project delivery,” GEV said in a letter to shareholders.
Classification society ABS has issued the letter of full design approval for the CNG ships.
GEV said it is in commercial discussions with four shortlisted shipyards to build the ships, and one or more of the yards will be selected by third quarter this year.
“In tandem with our CNG 200 Optimum ship yard selection process, finalising ship technical specifications, construction and scheduling plans, GEV will continue to develop and grow our global CNG project reach,” GEV said.