By Carole Dennett
Red Funnel claimed progress in its “partnership” with Belfast-based Artemis Technologies this week, giving hope of a greener future for Isle of Wight passengers.
The company’s plan to introduce zero-emission electric ferries from Artemis would undoubtedly be a step forward for sustainable transport. However, while the news is designed to spark confidence and hope, questions about timelines and financial feasibility might put a damper on the optimism shown by the troubled ferry operator.
The initiative could be a sign of much-needed investment in Red Funnel’s ageing fleet – a welcome prospect for Islanders in desperate need of more reliable cross-Solent services. Promises made this week that a smaller prototype electric vessel will be demonstrated on the Solent in May could provide welcome proof that the company’s ambitious plans are progressing.
Still, questions remain. Red Funnel’s failure to provide a date for the electric ferry’s introduction encourages scrutiny. The initial announcement of these plans last May said the vessel would be in operation by “late 2025”, but the latest press release says crew training won’t begin until December. For a company that needs to demonstrate reliability, such vagueness does little to instil confidence.
Adding to the uncertainty are Red Funnel’s well-publicised financial woes. The company is currently up for sale, with assistance from FTI Consulting – with an insolvency specialist part of their team. How is the electric ferry project being funded under such circumstances and does the company’s parlous financial state support such an ambitious development? Rumoured interest from private equity firm RAIM provides some hope, but they will not have committed funds before buying the company. More clarity is needed to reassure the Island about this latest announcement.
The company has repeatedly failed to file its annual accounts, and has not denied they currently show a £40 million ‘black hole’. Judgement day comes on March 27 – when directors will no longer be able to avoid letting Companies House know how it has dealt with this and other issues. A private message to the company’s staff encourages them to be “brave” – some would say this announcement leads the way on that front.
Of equal concern is the relative silence from Artemis Technologies, Red Funnel’s partner in this green venture.
Beyond a single quote in Red Funnel’s press release, there has been no obvious fanfare from them about this supposedly ground-breaking partnership.
However, it’s not all doom and gloom. The announcement reflects an acknowledgment of the need for new vessels.
If Red Funnel can now back its plans with firm timelines and clearer financial details, it may finally begin to restore trust with the Island community and, importantly, its workforce. The Island also needs to know the new plan for the replacement of Red Funnel’s car ferry fleet – with tenders supposed to be issued last year.
We asked Red Funnel’s CEO, Fran Collins, and their PR and public affairs agency, how the electric ferry project is being funded and when the tenders will be issued for the new car ferries. They didn’t respond.
For now, the promise of electric ferries represents a step in the right direction. But remember, words are cheap – new ferries are not!
