Bound4Blue, a developer of wind-assisted propulsion systems for shipping, has raised €15.9m ($17m) in new funding from the European Union and investors including commodities giant Louis Dreyfus Co and maritime tech firm GTT.
The fundraising brings the total Series A capital raised by the firm, which developed the eSAIL system to reduce fuel consumption and emissions, to €22.4m.
The Spanish company said the funds will be used to roll out the suction sail system and to scale up to meet the demand for zero-emission propulsion as shipping faces up to its carbon footprint.
