Renewable energy leader Drax backed the project with a £1m investment alongside a UK Government Clean Maritime grant.
"Wind is abundant, free, and exclusively available to any ship equipped to use it. Modern 21st century easily retrofittable wing sails lower the cost of propelling ships, which reduces the dependency on commodity-based fuels – whether fossil or alternative fuels – and improves supply chain certainty. Smart Green Shipping shares a joint mission with Drax Group to use renewables to move renewables. We are immensely grateful for the support from Drax Group to create seamless and easy-to-access wind solutions for cargo owners and ship owners. The first commercial installation of FastRig is incredibly exciting and an important milestone as we derisk the transition to wind for the whole shipping ecosystem."
Northern Gritstone led the funding round, which will support the commercialisation of the company's carbon removal technology.
"There has never been a more critical time to take action – decisive action – against climate change than right now. This investment brings us one step closer to realising our mission of mitigating climate change by allowing our team to focus on scaling our technology. From our first meeting with Duncan and his team, we knew that our priorities and values are very much aligned so we’re very pleased to welcome Northern Gritstone as an investor. With their expertise in backing visionary companies in the North of England, I see a very bright future ahead of us."