Marine Metals Completes Strategic Merger and Secures Funding to Accelerate Groundbreaking Ship Recycling Technology

Dutch-Belgian merger unites decade-long innovation with operational track record and networks to achieve global scale

Barendrecht, The Netherlands - Marine Metals has achieved a major milestone in its mission to transform the ship recycling industry

On September 18, 2025, the company completed a strategic merger between Marine Metals BV (Netherlands) and Marine Steel BV (Belgium), simultaneously securing new funding and converting prior investment instruments to equity.

The merger unites the decade-long technological innovation of founder Frank Geerdink with the proven track record and industry networks of Hugo De Stoop and Toufitri Akdime, positioning Marine Metals to scale its breakthrough technology into market-leading operations. Following the merger, Hugo De Stoop assumes the role of CEO, Toufitri Akdime becomes CFO, and Frank Geerdink transitions to Chief Technology Officer

"This merger represents the perfect alignment of vision, technology, and execution capability," said Hugo De Stoop, Marine Metals' new CEO. "Ship recycling is not just a regulatory or environmental issue; it's a massive industrial opportunity. Together, we're positioned to deliver solutions that are safe, circular, automated, and deliver robust returns, proving that sustainable practices can drive profitable business models.”

This merger builds on months of close collaboration that began as a partnership in April 2025, when Hugo and Toufitri started working alongside the Marine Metals team. After six months of successful cooperation, the natural evolution was to fully unite the two companies. Their combined expertise in managing large-scale maritime projects, raising capital, and scaling operations complements Frank's, the Marine Metals team’s and venture studio Enviu, pioneering work in sustainable ship recycling technology.

Strategic Funding and Investor Alignment

Marine Metals has successfully closed a significant investment round on the same day as the strategic merger. The round includes the conversion of convertible financing instrument into equity by Sojitz Corporation and Jansen Recycling Group, alongside new investments from SPDG, Victrix, and an additional contribution from Jansen Recycling Group.

This strengthened financial foundation will drive further technological development of the Marine Metals solution, co-funded by the European Union through the EFRO-program (Kansen voor West).

These strategic shareholders bring not only capital but invaluable industry expertise in shipping, steel markets, circularity and decarbonisation, positioning Marine Metals to benefit from deep sector knowledge as it scales its operations.

Toufitri Akdime, Marine Metals' new CFO, commented: "The trust shown by both existing and new investors validates our approach and market potential. This funding provides the resources we need to accelerate our technology development and move closer to commercial deployment."

Advancing Breakthrough Technology

Marine Metals' proprietary wire cutting technology, successfully tested in December 2024, has already demonstrated the ability to cut ship hulls at industrial speed. The company is now physically testing wire longevity to confirm projected performance and ensure sustained cutting throughout full ship processing cycles.

Simultaneously, development has continued on the company's Automated Block Processing (ABP) which will use machine learning to separate materials such as metals, rubber, and plastics from steel with unprecedented precision.

"After ten years of research and development, we're seeing our vision become reality," said Frank Geerdink, founder and new CTO. "The merger gives us the leadership and resources to take our breakthrough technology closer to a commercial scale."

Meeting Market Demand for Quality Scrap Steel

Marine Metals' circular technology addresses a critical market need as the steel industry increasingly adopts Electric Arc Furnaces (EAF) to reduce carbon emissions. These EAF require high-quality, homogeneous scrap steel. Exactly what Marine Metals' automated systems will deliver from end-of-life ships.

By producing premium scrap steel while ensuring safe and environmentally responsible dismantling, Marine Metals is positioned to become a key enabler of the circular economy and the decarbonization of steel production.

Call to Action for Industry Transformation

Marine Metals invites engineers, investors, shipowners, steel manufacturers, and environmental advocates to join a mission that extends beyond ship dismantling to setting new standards for circular and responsible industry practices.

The company is committed to inspiring progress across the entire maritime and steel value chain, demonstrating that sustainable solutions can deliver both environmental impact and economic value.

About Marine Metals

Founded on nearly a decade of innovation by Frank Geerdink, Marine Metals develops safe, sustainable, and economically viable ship recycling solutions. In 2025, the company merged Marine Metals BV (Netherlands) with Marine Steel BV (Belgium) to combine technological innovation with global maritime and finance expertise.

About leadership team:

Hugo De Stoop is a seasoned business leader with over three decades of experience. As the former CFO and later CEO of Euronav, which was at the time the world's largest independent crude oil tanker company, he led the company through major transformations, including successful M&A transactions and the company's IPO on the NYSE. He championed sustainable business practices, fostering innovation, upholding corporate governance, and actively managing talent. His leadership will play a crucial role in guiding Marine Metals towards its goal of setting new industry standards.

Toufitri Akdime brings over 20 years of expertise in sustainable finance and decarbonization projects within the transportation and energy sectors. As a former senior leader at Sumitomo Mitsui Banking Corporation and Entrust Global, she has led multi-billion-dollar financing initiatives and pioneered sustainability-linked financial solutions. Her leadership and experience in structuring complex financing projects and fostering global partnerships will be key in driving Marine Metals' financial success and sustainability efforts.

Frank Geerdink has built and sold several successful companies across Europe, the Middle East, and Asia in a variety of industrial sectors such as telecom, oil & gas and safety technologies. Frank founded Marine Metals original concept in 2015 and has dedicated a decade to developing innovative ship recycling technology, backed by extensive research and development in sustainable maritime solutions.