Eleven Energy has announced a strategic collaboration with Verde Marine Energy that will see the two companies work more closely together across the global marine energy sector.

The partnership brings together Verde Marine Energy's physical supply operations with Eleven Energy's international trading business and commercial network, with the stated aim being to enhance value for customers, suppliers and partners while expanding their presence in existing and new markets.

The two businesses will remain fully independent, retaining separate ownership, operations and commercial strategies. The arrangement is described as a strategic alliance rather than a merger or acquisition.

Verde Marine Energy is part of Vertom Group, headquartered in the Netherlands, and manages marine fuel procurement for the Vertom fleet. Eleven Energy, backed by Prince Abdulaziz bin Turki Al Saud, has been expanding its international footprint and recently announced a strategic collaboration with Sunoco in the United States.

The announcement also confirms a cross-company arrangement involving two industry figures. Chris Todd will assume a role with Verde Marine Energy, while Joe Tierney will take on a role with Eleven Energy. In their respective cross-company positions, they will oversee the strategic partnership and aim to drive its long-term development while remaining committed to their own organisations.

"Having already worked successfully together through periods of market volatility, the companies have demonstrated how their capabilities complement one another. This collaboration formalizes that relationship and provides a stronger platform to unlock efficiencies, create new opportunities and deliver greater value across the marine energy supply chain," Eleven Energy stated.

Further developments are expected to be announced after the summer, Eleven Energy added.