British cleantech start-up GT Green Technologies has secured £1.2m ($1.5m) in seed funding to help it build and install a demonstration of its wind-assist technology concept.
The firm joins a growing list of British companies developing modern wind solutions that can help shipping reduce its greenhouse gas emissions.
The investment comes from an early-stage venture capital fund, OnePlanet Capital, that has a focus on businesses that impact climate change.
GT Green Technologies, which has a fixed wing system, has also received £3.7m in UK government grants to help build a demonstration model and install it on a vessel owned by Carisbrooke Shipping, an investor in the company, later in the year.
The start-up also took to crowdfunding to secure investments as it pushes forward with its development.
Will O’Malley, chief financial officer at GT Green Technologies, said that closing this seed round enables the company to accelerate its research and development to help meet the growing interest in wind solutions.
“We are thrilled to have attracted a leading climate-focused VC, alongside a consortium of high-quality strategic and financial investors,” he said.
“The appeal of the round is evidence of the strength of our proposition and reflects our potential to make significant positive environmental change.”
The UK funding and venture-capital backing will help GT Green Technologies build a 20-metre prototype for land-based testing before installation on the Carisbrooke dry bulk vessel later this year.
The UK has seen significant growth in wind propulsion technology developments in recent years.
Di Gilpin’s Smart Green Shipping is currently testing a wing system in Hunterston in Scotland before installing it on a UK-flagged nuclear waste carrier in August.
Smart Green has also won significant funding from the same UK grant system.
Another solution-maker, London-based Anemoi, is also a recipient of funding from the UK government, although it is further along the road in terms of product development, having installed rotor systems on a vessel a few years ago.
BAR Technologies, a spin-off from Ben Ainsley Racing, has also gained traction and installed systems on two large vessels overseas.
