GTT raises wind propulsion funds

With input from the European Innovation Council, Louis Dreyfus Company Ventures and Shift4Good, GTT Strategic Ventures has raised €15.9 million to support rigid sail manufacturer, bound4blue. GTT now holds around 9% of the voting rights in the company.

“The GTT group is proud to support the development of bound4blue, which contributes, through its unique wind-assisted propulsion technologies, to meeting the challenges of decarbonising maritime transport,” said Philippe Berterottière, chair and chief executive of GTT.

“With our co-investors, we will enthusiastically support a talented and committed management team towards building a sustainable maritime world.”

Founded in 2014, bound4blue develops wind-assisted propulsion systems, known as suction sails, which reduce fuel consumption by up to 30%, offering a payback of less than five years to a wide range of segments including LNG carriers, bulk carriers, tankers, RoRos, cargo ships, ferries and cruise ships.

The bound4blue technology is currently installed on three vessels, the most recent of which is the EEMS Traveller, a cargo vessel equipped with two 17-meter-high suction sails.

bound4blue has also recently announced a partnership to install its system on a chemical tanker, making it the first tanker vessel in the world to harness this technology.