The Spanish supplier Bound4blue, known for its wind assistance systems, has completed a new financing round and raised fresh capital from various investors.
44 million was raised, as Bound4Blue announced. “Investors include leading shipping companies, shipping families, climate-focused investors and government agencies,” it said.
Specifically, the round was led by Otave Capital, an investment platform of shipping company IMC, and Katapult Ocean. In addition to existing investors Shift4Good, GTT Strategic Ventures, KAIai Capital and CDTI, who have increased their commitment, new investors such as Motion Ventures, the family office Odfjell and the ReOcean Fund – led by the Prince Albert II of Monaco Foundation and Monaco Asset Management – also participated.
The company has installed its sail technology on seven ships, with a further twelve ships on order – more than fifty suction sails in total. These projects include shipping companies such as Maersk Tankers, Eastern Pacific Shipping, Odfjell, Klaveness Combination Carriers, Louis Dreyfus Company and BW Epic Kosan.
“Start of a new phase”
“This financing round marks the start of a new phase for Bound4blue. In the previous phases, the focus was on testing the technology and validating its impact. The new capital now strengthens the long-term support of our investors who understand the shipping industry and share our vision and the importance of this technology for the entire fleet,” said CEO and co-founder José Miguel Bermúdez. The company is now in a position to expand capacity, accelerate its growth plan and drive forward new developments.
The new financing is intended to accelerate the industrialization of Suction Sails and support research and development efforts to expand the company beyond its existing commercial offering. Production capacity is already being expanded due to increased demand. “Hundreds of suction sails” are to be delivered each year.
May Liew, CEO of Singapore-based Octave Capital, said: “We invested in Bound4blue because wind propulsion systems have evolved from a promising innovation to a proven, scalable climate infrastructure. As an impact-driven investor with an interest in decarbonizing hard-to-decarbonize sectors, we are convinced that Bound4blue will play a critical role in accelerating the shipping transition and deliver measurable carbon savings from day one.”
Jonas Skattum Svegaarden, CEO of Katapult Ocean from Norway, added: “After years of searching for the right opportunity in this area, we decided to invest in Bound4blue as wind propulsion has clearly evolved from an experimental concept to a tool for decarbonization. In particular, bound4blue has proven that it can achieve significant and demonstrable fuel and emissions reductions at an unprecedented pace.”
