bound4blue raises €22.4 million to pioneer the wind propulsion market
bound4blue, the European technology developer of automated wind-assisted propulsion systems for maritime transport, supported by EIT Climate-KIC, has secured a €15.9M Series A funding round from the European Commission and major corporate investors and VCs.
This new financing is further complemented by a €4.1M 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 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.
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.”
Maritime transport accounts for three per cent global CO2 emissions, generating as much CO2 as the sixth-most polluting country in the world. 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.
In 2019, founders José Miguel Bermúdez (CEO) and Cristina Aleixendri (COO) participated in the EIT Climate-KIC Accelerator programme in Spain. A year later, the company was selected by EIT Climate-KIC to be part of the EIT Crisis Response Initiative, earning a grant of €500,000. It has since signed on EIT Climate-KIC as a strategic investor and joins our portfolio of nearly 100 climate start-ups.
This article was adapted from the original press release published on 7 September 2023.