HICO funds six newbuild electric CTV orders for Tidal Transit

Norfolk-headquartered Tidal Transit, an owner of crew transfer vessels (CTVs)for the offshore wind industry, has secured equity financing from the maritime and logistics investor HICO Investment Group to expand its fleet with six new electric CTVs (E-CTVs).

The six new builds, to be delivered from 2026, will complement Tidal Transit’s existing fleet as the industry transitions to electric.

Furthermore, the company is also spearheading a landmark diesel-to-electric retrofit project, (e-Ginny) funded by Innovate UK and the UK Department of Transport, proving that existing diesel CTVs can be converted to 100% electric power and recharged offshore.

The companies said that this strategic expansion reinforces their commitment to reduce diesel dependency in the sector.

Leo Hambro, director of Tidal Transit, said: “The offshore wind industry has reached a transition moment where the green electricity produced can be efficiently used to propel the vessels that service it.

“The continued burning of fossil fuels contradicts the very purpose of harnessing renewable wind power. With HICO’s backing, Tidal Transit is committed to making the switch to electric CTVs not just viable, but also inevitable.