European developer of wind-assisted propulsion (WAP) systems bound4blue has secured €22.4 million in new funding from several key investors as well as the European Commission.
A total of €15.9 million comes from a Series A funding round led by GTT Strategic Ventures, with the participation of the EIC Fund (European Innovation Council) and the Sustainable Ocean Alliance.
The financing is further complemented by a €4.1 million grant from the Innovation Fund Programme, awarded by CINEA (European Climate, Infrastructure and Environment Executive Agency) in 2022, and an additional grant of €2.4 million previously awarded in 2021 by the EIC Accelerator Programme.
The EIC Fund operates within the EIC’s mandate to identify and support high-impact innovations within the EU. Its support for bound4blue reflects a strategic decision to participate in the success of the European shipping decarbonisation strategy and builds upon it commitment to the grant component.
According to boud4blue, the funds raised will be used to help the company roll out its suction sail system eSAIL, as well as scale up to meet demand for zero-emission propulsion solutions in shipping.