Many technologies and propulsion solutions will play their role in bringing maritime transport to net-zero and automated wind-assisted propulsion is one of the pieces of the puzzle. bound4blue, a European technology developer of automated wind-assisted propulsion systems, secured €15.9 million in funding with the likes of GTT, EIC Fund, Shift4Good, Louis Dreyfus, the Sustainable Ocean Alliance, Sun Returns Kai Capital, Ocean Born Foundation and CDTI all pitching in. 

The new investors join the historic shareholders of bound4blue, 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 €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 €2.4 million previously awarded in 2021 by the EIC Accelerator Program, bringing the total financing to €22.4 million.

The European Innovation Council (EIC) has mandated the EIC Fund to recognize and support high-impact innovations in the European Union. In supporting bound4blue, the EIC Fund has made a strategic decision to contribute to the success of the European shipping decarbonization initiative. This decision is in line with their commitment to the grant component.

The funds will be used to help the company expand its pioneering suction sail system (eSAIL) and meet the growing demand for zero-emission propulsion solutions in shipping. With this funding, the company will achieve its next milestones and secure a leading position in the wind-assisted propulsion sector globally. The funds will also facilitate strategic advancements, including expanding the company’s production capabilities and strengthening its human resources.

bound4blue wind propulsion

Bound4blue is a company that specializes in developing wind-assisted propulsion systems (WAPS) to help shipowners and operators reduce their fuel consumption, making shipping more sustainable and economically efficient. Their technologies are also aimed at helping the maritime transport industry adapt to new international regulations.

The WAPS system is a solution that requires minimal maintenance and offers a payback period of less than five years. It is suitable for a wide range of vessels, including LNG carriers, bulk carriers, tankers, Ro-Ro, general cargo, ferries, and cruises. This technology is derived from the suction sail designed by Commandant Cousteau in the 1980s.

José Miguel Bermúdez, CEO of bound4blue, says, “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.”