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GT Green Technologies secures $1.6M for wind propulsion

UK-based GT Green Technologies has raised £1.25 million (around $1.58 million) in a seed equity round to advance its AIrWing wind propulsion system.

 

The round, led by OnePlanetCapital, included investments from Carisbrooke Shipping and several climate-focused parties, with over 500 retail investors participating through Seedrs.

The funding reflects growing interest in wind-assisted propulsion (WAP) for commercial shipping, supported by positive test results from GT Green Technologies.

Alongside a recent £3.7 million grant from the UK Department for Transport, this funding will enable the production, installation, and testing of the first AirWing20 unit later this year, and support future 30-meter and 40-meter units.

“Closing this seed round allows us to accelerate our strategy. The backing of a leading climate-focused VC and high-quality investors demonstrates the strength of our proposition and potential for significant environmental impact,” said Will O’Malley, CFO of GT Green Technologies.

“GT Green Technologies is one of our most exciting greentech investments. The company’s WAP technology could revolutionize the shipping industry as it adapts to new regulations,” said Anthony Chant, director of OnePlanetCapital.

Carisbrooke Shipping will install a 20-meter AirWing unit on one of its UK-registered vessels later this year. The technology, featuring patent-pending airflow manipulation, aims to maximize thrust while maintaining a compact and lightweight profile. Managing a global fleet of 27 vessels, Carisbrooke Shipping is set to lead the integration of AirWing technology, promising to reduce fuel consumption and emissions by up to 30%.

Read full source article: https://www.offshore-energy.biz/gt-green-technologies-secures-1-6m-to-commercialize-its-wind-propulsion-solution/

For more articles about GT Green Technologies, click here.

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