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bound4blue raises USD 24 million in latest funding round for wind propulsion system

Funds raised will be used to help the company roll out its pioneering suction sail system (eSAIL), as well as scale up to meet demand for zero-emission propulsion solutions in shipping

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bound4blue, a developer of automated wind-assisted propulsion systems for the maritime transport based in Spain, on Thursday (7 September) said it has secured a EUR 15.9 million (USD 24 million) Series A funding round led by GTT Strategic Ventures.

The funds raised will be used to help the company roll out its pioneering suction sail system (eSAIL), as well as scale up to meet demand for zero-emission propulsion solutions in shipping. With this funding, the company will achieve its next milestones, securing a leading position in the wind-assisted propulsion sector globally and facilitating strategic advancements that encompass expanding the company’s production capabilities and strengthening its human resources.

The round was participated by the EIC Fund (European Innovation Council), Shift4Good, Louis Dreyfus Company Ventures, the Sustainable Ocean Alliance, Sun Returns, Kai Capital and existing investors including the Ocean Born Foundation and CDTI (Centre for the Development of Technology and Innovation) through the co-investment initiative of Innvierte programme. 

The new investors join other shareholders of bound4blue including institutional and private Spanish investors. The law firm Ceca Magán has advised bound4blue on this Series A financing round, accompanied by the partner of the M&A area, Miguel Lobón, and his team – Diego Gómez and Borja Pellejero.

This financing is further complemented by a EUR 4.1 million grant from the Innovation Fund Program, awarded by CINEA (European Climate, Infrastructure, and Environment Executive Agency) in 2022, and an additional grant of €2.4M previously awarded in 2021 by the EIC Accelerator Program, bringing the total financing to €22.4M. The EIC Fund operates within the EIC’s mandate to identify and support high-impact innovations within the EU. Their support for bound4blue reflects a strategic decision to participate in the success of the European shipping decarbonization strategy and builds upon their commitment to the grant component.

Founded in 2014, bound4blue develops wind-assisted propulsion systems (WAPS), allowing ship-owners and ship operators to reduce their fuel consumption, to enable a more sustainable and economically efficient shipping. The technologies designed by bound4blue also help maritime transport adapt to new international regulations.

The system developed by bound4blue, derived from the suction sail designed by Commandant Cousteau in the 1980s, is an easy-to-install solution, requiring minimum maintenance and a payback below five years, on a large number of segments (LNG carriers, bulk carriers, tankers, Ro-Ro, general cargo, ferries and cruises).

José Miguel Bermúdez, CEO of bound4blue, said: “We’re delighted to welcome the new investors onboard. Their wealth of knowledge and expertise in shipping and financing represents a momentous step that will steer our company towards even greater development and global expansion. With their support, we’ll continue steadfast in our mission to drive the decarbonisation of the shipping sector, making wind propulsion a standard on ships.”

Photo credit: bound4blue
Published: 11 September, 2023

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Events

Green Shiptech China Congress to explore alternative bunker fuels and ship technologies

LNG, methanol and ammonia as well as fuel cell integration will be among key issues discussed at the annual conference which will be held on 25 to 26 September in Shanghai.

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1000×600 GSCC2025 Logo

Ridge China on Wednesday (14 May) announced it will be hosting the 14th Green Shiptech China Congress (GSCC), an annual conference which will be held on 25 to 26 September in Shanghai. 

More than 4,400 experts and decision makers from governments, classification societies, shipowners, shipyards, research institutes, technology/equipment suppliers and consulting companies attended the previous GSCC from 2012 to 2024. 

For 2025, over 400 industry experts, corporate decision makers and government officials will be engaged in comprehensive discussions on current issues of IMO, EU, USCG, China MSA’s policies and regulations, designs and standards for new ship models, innovative and sustainable green ship technologies at this annual conference.

Alternative bunker fuels such as LNG, methanol and ammonia as well as fuel cell integration will be part of the important issues discussed at the event. 

Speakers will be from

  • IMO
  • European Commission
  • U.S. Coast Guard
  • China MSA
  • Financial Institutions
  • Maritime Research Institutes
  • Solution & Technology Providers
  • Shipowners
  • Shipyards
  • Classification Societies

Key topics

  • Policies and Regulations Update and Interpretate by IMO, European Commission, U.S. Coast Guard and China MSA
  • Retrofitting Vessels to Achieve Decarbonization Goals
  • Energy Efficiency Continues to Be Key for Decarbonization
  • Decarbonization Through Digitalization
  • Digital Technologies As a Key Enabler for Emissions Reduction
  • Impact of a Hull Coating Upgrade on Hull Efficiency
  • LNG As Marine Fuel: Pivoting Towards Cleaner Shipping
  • Methanol As a Marine Fuel
  • Ammonia’s Credentials As a Green Fuel
  • Wind Propulsion Technology
  • Fuel Cell Integration: Upcoming Challenges and Opportunity
  • Propelling Carbon-neutral Shipping with Green Engines and Alternative Fuels
  • Next-generation Electric and Hybrid Marine Propulsion Technologies and Components
  • Latest Developments in Energy Storage Systems

Interested parties may contact:

Mr. Quin Xu
Tel: +86 21 6607 8610 -8003
Mob: +86 13564222811
Email: [email protected] 

Note: The English and Chinese version of the event website can be found here and here respectively while the event registration can be found here

 

Photo credit: Ridge China
Published: 15 May, 2025

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Events

China: Over 20 speakers confirmed for Green ShipTech Innovation Asia Summit 2025

Karim Fahssis, Decarbonization China Head of Maersk, Bo Cerup-Simonsen, CEO of MMMCZCS, Tan Wee Meng, Chief Projects Officer of GCMD, are some of the key speakers to be featured at the event.

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Green ShipTech Innovation Asia Summit 2025 to be held in Shanghai on 16 May

Shine Consultant, the organiser of Green ShipTech Innovation Asia Summit 2025, on Thursday (20 March) announced over 20 speakers have been confirmed for the event to discuss key green technology topics related to the shipping industry.

The speakers are key stakeholders in the shipping industry including transportation management departments, international shipping organisations and related industry associations, shipping companies, shipyards, repair yards, third-party ship management companies, ship equipment suppliers, high-tech solution providers, design research units, and research institutions.

With over 300 attendees expected to attend, the Green ShipTech Innovation Asia Summit 2025 will be held in Shanghai, China, on 16 May. 

Themed Diversified Innovation for Sustainable Green Transformation, the summit will set up a main forum called Green Development Strategies and Pioneer Practices Towards Zero Carbon Goals and two sub-forums, Green Shipbuilding and Retrofitting Forum and Green Shipping Ecosystem Cooperation Forum. 

It will focus on key topics such as innovative design methods for green ship types, development and design of methanol dual-fuel ship types, prospects and challenges of ammonia fuel application, and new marine fuels and supply systems. 

Speakers for the summit include:

  • Sun Haihua, Deputy Director of Shanghai Arbitration Commission, Deputy Chairman and Secretary-General of Shanghai International Shipping Center Development and Promotion Organization
  • Yan Wei, Vice President, Shanghai Maritime University
  • Bo Cerup-Simonsen, CEO, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
  • Lu Yanhui, Vice President, COSCO Shipping Heavy Industry Co., Ltd
  • Wu Jianyi, Chief Engineer & General Manager of the Ship Technology Center, China Merchants Energy Transportation Co., Ltd. (CMES)
  • Karim Fahssis, Decarbonization China Head, Maersk
  • Liu Jianfeng, Chief Technologist, Shanghai Waigaoqiao Shipbuilding Co., LTD.
  • Keiichiro Nakanishi, Managing Executive Officer, MOL (Mitsui O.S.K. Lines, Ltd.)
  • Vivi Wong, Head of Digital Products, Greater China, MSC Mediterranean Shipping Company
  • Li Zhonggang, Vice President, China Ship Design & Research Center Com.,Ltd. (CSDC)
  • Zhang Qingsheng, General Manager of Shanghai Fujian Guohang Ocean Shipping Management Co., Ltd., President Assistant of Fujian Guohang Ocean Shipping (Group) Co.,Ltd.
  • Bai Junli, Deputy Director of Innovation & Development Center, Wuchang Shipbuilding Industry Group Co., LTD.
  • Tan Wee Meng, Chief Projects Officer, Global Centre for Maritime Decarbonisation
  • John Kollander, General Manager Stena RoRo Asia & Owners Representative China, Stena RoRo
  • Thibaut Raeis, Business & Technical Solutions Director, GTT China
  • Li Zhengjian, Chief Expert/Senior Engineer, the Chinese Society of Naval Architects and Marine Engineers
  • Yuan Chao, General Manager of Strategy and Investment, CSSC (Hong Kong) Shipping Company Limited
  • Pan Jinfeng, General Manager of Digital Intelligence Promotion Department, COSCO Shipping (Qidong) Offshore Co., Ltd
  • Zhu Feng, Head of the Ballast Water Convention Research Office, Hebei Maritime Safety Administration
  • Gou Yingdi, Director of Sustainable Development and General Manager of the Technology and Development (Innovation) Center, Seacon Shipping Group
  • Yang Lixin, Deputy Secretary-General, Shanghai International Shipping Center Development and Promotion Organization
  • Zhao Cuiyun, Deputy Director of the Institute for the Construction of the Shipping Center and Director of the Green Shipping Research Office, Shanghai International Shipping Institute

Conference Framework

16 May (am)

Sub-Forum I: Green Development Strategies and Pioneer Practices Towards Zero Carbon Goals

16 May (pm)

Sub-Forum II: Green Shipbuilding and Retrofitting Forum
Sub-Forum III: Green Shipping Ecosystem Cooperation Forum

Key Topics

  • Maritime regulatory focus under policy guidance towards zero-carbon goals
  • Global green ship type product key technologies and applications
  • Analysis of paths to improve the efficiency of existing ships
  • How shipping companies can achieve sustainable green transformation
  • Green ship technology practices and future prospects
  • Innovative design methods for green ship types
  • Development and design of methanol dual-fuel ship types
  • Innovation and application of ship engines and propulsion systems
  • Technological application and outlook of wind energy as auxiliary power for ships
  • Prospects and challenges of ammonia fuel application
  • Innovation in new marine fuels and supply systems
  • Upgrading of ship battery systems to meet shipping emission reduction
  • Fluid power energy-saving technology and practice to promote the green and low-carbon development of the shipping industry
  • Green ship repair, intelligent painting and VOCs management in ship and marine engineering
  • Exploration and practice in digital transformation and intelligent upgrading of the ship repair and modification industry
  • Practice of ship energy consumption data analysis and carbon intensity management
  • SCR technology innovation for NOx reduction in ship diesel engines
  • The latest technological applications of “carbon capture” in the shipping industry
  • Ballast water management systems in line with international standards
  • Shore power systems combined with green electricity to assist shipping decarbonization
  • Supply status and choice analysis of the marine green fuel market

Host:

  • Shanghai International Shipping Center Development and Promotion Organization

Co-organisers:

  • Shanghai Maritime University 
  • Shanghai Institute of Navigation
  • Jiangsu Association of Shipbuilding Industry
  • Shanghai Association of Shipbuilding Industry
  • Jiangsu Society of Naval Architects And Marine Engineers

Supporting Organisations:

  • Shanghai Port Association
  • Hubei Association of Shipbuilding Industry
  • Shanghai International Shipping institute

Organizer:

  • Shine Consultant International Ltd

Interested parties may contact:

Yulia Zhang
T: (+8621) 6095 7179
M:(+86) 158 3615 6079 (Also on WeChat)
E-mail: [email protected]  

Note: More information on the summit, including registration, can be found here

 

Photo credit: Shine Consultant
Published: 8 May, 2025

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Decarbonisation

Odfjell conducts ‘first near’ carbon-neutral transatlantic voyage with sails and bio bunker fuel

Vessel is currently crossing the Atlantic powered by a combination of wind-assisted propulsion and a certified sustainable 100% biofuel; voyage showed a full 85% reduction in GHG intensity.

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Odfjell conducts ‘first near’ carbon-neutral transatlantic voyage with sails and bio bunker fuel

Norway-headquartered Odfjell on Friday (25 April) said its chemical tanker Bow Olympus is about to complete the first near-carbon-neutral transatlantic voyage. 

The vessel is currently crossing the Atlantic powered by a combination of wind-assisted propulsion and a certified sustainable 100% biofuel, sourced from certified sustainable waste materials.

“This milestone voyage proves how existing technologies and fuels can be paired to accelerate deep-sea shipping’s transition to net zero emissions,” the company said. 

Real-time data from the voyage confirmed that this dual propulsion approach is not only technically feasible, but also impactful: The vessel’s GHG emissions on the current voyage meet the 2050 Fuel EU Maritime GHG intensity targets and IMO’s GFI Direct Compliance targets at least until 2044.

As Bow Olympus reached European shores last weekend, it has demonstrated that the dual propulsion solution is a realistic pathway to carbon neutrality for deep-sea shipping, 25 years ahead of time: The voyage showed a full 85% reduction in GHG intensity compared to conventional fuels, without technical investments or upgrades required to consume the fuel. 

In addition, the energy efficiency is improved by 15-20% by the use of sails.

The power of wind-assisted propulsion has been tested through Bow Olympus’ two first cross-Atlantic voyages. The four 22-meter suction sails have been operational under varying weather conditions, with the performance closely monitored by Odfjell’s crew and technology team on board and onshore.

“The results have surpassed our expectations,” confirmed VP Technology Erik Hjortland. 

“Even in good, but not perfect, wind conditions, we observed a 15 to 20% energy-saving effect. That translates to five tonnes of fuel saved per day, equivalent to a reduction of 15 tonnes of CO₂ emissions per day.”

“On certain parts of the current voyage, we have seen up to 40% fuel consumption reductions. These are very promising figures. We are thrilled to note that our initial calculations are confirmed and even exceeded.”

Using a new type of AI-based weather routing system allowed the five-year-old 49,000 dwt vessel to take full advantage of the prevailing wind conditions.

“One surprising finding is that even light wind as high as 15 degrees on the bow generates noticeable effect. This means that we can probably operate the sails more often than anticipated, positively affecting the already healthy return of investment figures. The sails also offer stabilizing and roll-damping effects,” Hjortland added

“Based on current data, we expect that the sails will continue delivering significant fuel savings on future deep-sea voyages in all basins.”

The bunkered biofuel was sourced from certified sustainable waste materials. The certification body is accredited by both IMO and EU.

Having exhausted most conventional upgrades, Odfjell is now focused on next-generation solutions—such as wind propulsion—to meet its 2030 goal of 57% carbon intensity reduction.

To move the needle beyond 57%, a fuel switch is required. Odfjell said it has chosen to remain flexible, keeping all doors open at a time when the marine fuel of the future for shipping remains undecided. 

“The choice of biofuel for this proof-of-concept voyage was done to demonstrate one of the pathways,” it added. 

 

Photo credit: Odfjell
Published: 28 April, 2025

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