Acer Founder Stan Shih Leads the Charge for Zero-Carbon Emission Vessels with an NT$800 Million Fundraising for Porrima Company

Acer Founder Stan Shih Leads the Charge for Zero-Carbon Emission Vessels with an NT$800 Million Fundraising for Porrima Company

By Jen Pei-Yun, Times Reporter in Taipei

To seize new opportunities presented by paradigm shifts, Acer (2353) founder Stan Shih has spearheaded an NT$800 million fundraising effort for Porrima Company. Strategic investors, including Taiwan’s National Development Fund, Shih’s family investment firm, Chunghwa Investment, Acer, Wistron (3231), and eight other institutional shareholders, have become strategic partners. This initiative will establish a new “Taiwan-designed, locally built” industrial operating model.

Regarding the progress of Porrima’s zero-carbon emission vessel projects, Shih revealed that the company, under the supervision of the Ship and Ocean Industries R&D Center, is upgrading the experimental Porrima vessel into the Porrima 111O, slated for launch and testing in February next year. Additionally, another product line tailored to market needs—a 77-foot zero-carbon vessel, Porrima 77—is scheduled to begin design in the second half of the year.

Shih emphasized that while only 20% of Porrima’s future vessels are directly related to traditional shipbuilding, the remaining 80% incorporates high-tech applications. This ambitious endeavor integrates Taiwan’s robust supply chain, including CycuRec for recyclable solar systems, XING Mobility for immersive batteries, SRE Technology for hydrogen fuel systems and hydrogen production equipment, Ho Heng for power control and distribution systems, TECO for motors, Formosa Plastics for carbon fiber materials, and Johnson Yachts for hull manufacturing. These efforts showcase Taiwan’s advanced technological capabilities, contributing globally.

With the completion of this fundraising round, Porrima’s capital will reach NT$800 million. The new funds were primarily raised from strategic partners interested in developing the zero-carbon emission vessel industry. In addition to the National Development Fund’s 10% stake, other domestic institutional shareholders include Chunghwa Investment (a Chunghwa Telecom subsidiary), Wistron subsidiary Diing Shong Technology, Acer, Yuanta Venture Capital, Bizlink International, Grand Star Shipbuilding, the Ship and Ocean Industries R&D Center Foundation, Long Jun Investment, and Stan Shih’s family investment firm, Hong Yung Investment, which secured a 17% stake.

Co-founder Gunter Pauli’s Swiss-based Blue Innovations contributed through the valuation of tangible assets, such as the Porrima experimental vessel, and intangible assets, such as trademarks and brand image, obtaining a 34% stake in the company.

Stan Shih, Chairman of Porrima, stated that the net-zero carbon trend presents a new opportunity for paradigm shifts in the shipbuilding industry. Porrima positions itself as a “ship company that doesn’t build ships” and aims to collaborate with suppliers to create a new global ecosystem for zero-carbon vessels. Over the long term, Porrima plans to adopt a new model of “Taiwan-designed, locally built” operations to ensure the “Porrima Inside” influence extends worldwide.

In addition to successfully completing the fundraising, Shih announced that Porrima will leverage the professional expertise of Ship and Ocean Industries R&D Center CEO Chou Hsien-Kuang, appointing him as the CEO of Porrima Company as well. Chou will integrate resources from strategic partners to lead the team in meeting future challenges.

Original report in the Commercial Times: https://www.ctee.com.tw/news/20240529701569-430503