ION Geophysical Corp. (NASDAQ: IO) stock declined by 8.22% at last close while the IO stock price plunge by 4.48% in the after-hours trading as well. ION brings strong data-driven decision-making to the offshore energy and maritime operations markets via revolutionary solutions, allowing clients to maximize investments and outcomes through access to their data, software, and unique analytics.
IO stock’ Recent Development
The Edinburgh-based Software group of ION Geophysical Corporation has received a grant to help improve port decarbonization through its climate-smart platform, Marlin SmartPort. The grant will help the UK achieve its net-zero emissions target by 2050 by supporting the UK’s Ten Point Plan to combat climate change. The Clean Maritime Demonstration Competition, financed by the UK Department for Transport and executed in collaboration with Innovate UK, includes the Data-Led Emissions Management initiative. The six-month pilot research will test whether vessel fuel consumption and CO2 emissions can be accurately measured in and around ports using the International Maritime Organization’s data.
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The Clean Maritime Demonstration Competition, reported in March 2020 as part of Prime Minister Theresa May’s Ten Point Plan to put the UK at the forefront of green shipbuilding and maritime technology, is a £20 million government investment matched by a £10 million industry investment to reduce emissions from the maritime sector. The initiative is sponsoring 55 projects across the United Kingdom, including projects in Scotland, Northern Ireland, and England’s south west to north east. The funds will be used to fund research, planning, and development of zero-emission maritime technology and infrastructure solutions, as well as to speed up the sector’s decarbonization.
Stuart Darling, Senior Vice President of ION’s Software group commented,
Nearly 90% of commodities are now moved by water, and worldwide shipping is responsible for roughly 3% of global CO2 emissions. The technology focuses on generating high-value data that enables smarter, safer administration of the world’s 5,000+ ports and the 50,000+ cargo ships that pass through them. This grant will allow them to continue developing Marlin SmartPort, their maritime digitalization platform that incorporates systems and data to provide substantially better visibility and actionable intelligence, allowing them to function with just-in-time efficiency while reducing fuel consumption and emissions.