Smart Green Shipping secures £5m for wing sail and routing technology development.
The funding comprises private sector backing alongside a grant from Scottish Enterprise to advance maritime decarbonisation.
Smart Green Shipping develops wind-assisted propulsion systems and digital route optimisation tools to decarbonise the global maritime sector.
Smart Green Shipping has secured a £5m investment to advance its automated wing sail technology and digital weather routing software. The funding package comprises £3.2m from private sector investors and a £1.8m grant from Scottish Enterprise.
The three-year research and development initiative will test the FastRig wing sails at a land-based facility at Peel Ports Hunterston Port and Resource Centre. Subsequent sea trials on a commercial vessel are anticipated by 2023.
The project intends to overcome technical, digital and financing barriers to adoption in the maritime sector, alongside developing bespoke insurance products to assure financial returns for commercial operators.
From the founder
"Scotland’s decision to support this project shows that wind technology has the might of a maritime nation behind it. Shipping has a long history of harnessing the power of wind, but digital technologies are allowing us to work towards making zero emission vessels a reality. Smart Green Shipping’s FastRig wing sail technology offers a financially and technically robust solution to help support shipping’s green transition."
Diane Gilpin
CEO and founder at Smart Green Shipping
Use of funds
- 01Fund research and development
- 02Build out infrastructure
Investors
Categories
About the company
Smart Green Shipping
Smart Green Shipping builds wind-assisted wingsail technology to decarbonise commercial vessels.