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GT Green Technologies Secures £1.35 Million in Seed Equity Funding

GT Green Technologies
Artist’s impression of a 20-meter AirWing unit to be installed on Carisbrooke Shipping’s general cargo vessel later this year. Courtesy of GT Green Technologies

Published Apr 15, 2024 9:58 AM by The Maritime Executive

[By: GT Green Technologies]

GT Green Technologies is a pioneering force in wind technology, dedicated to revolutionising commercial shipping with innovative Wind Assisted Propulsion (WAP) solutions. Their flagship product, AirWing™, represents a breakthrough in sustainable maritime technology which is set to reduce fuel costs, reduce carbon emissions, and help shipowners comply with stringent environmental regulations.

Funding Announcement
GT Green Technologies closed a £1.35 million seed equity round, led by OnePlanetCapital, an early-stage VC focused on businesses that impact climate change.  Alongside OnePlanetCapital, GT Green Technologies received strategic investments from Carisbrooke Shipping and John Good Group plc, plus financial backing from several notable climate focused angels, alongside a retail tranche with over 500 investors undertaken on crowdfunding platform, Seedrs.

The broad interest in the round reflects the growing interest in WAP for commercial shipping, and the early positive results the company has been able to demonstrate through testing and simulation.

This seed funding, in combination with a recent £3.7 million CMDC4 grant from the UK Department for Transport, will fund the manufacture, installation, and testing of the first AirWing™20 unit later this year. It will also facilitate the commercial rollout of both the 20m unit, and future 30m and 40m product iterations.

Will O’Malley, CFO at GT Green Technologies expressed excitement about the funding. “Closing this seed round enables us to accelerate execution of our exciting strategy. We are thrilled to have attracted a leading climate focused VC, alongside a consortium of high quality strategic and financial investors. The appeal of the round is evidence of the strength of our proposition and reflects our potential to make significant positive environmental change.”

Anthony Chant, director of OnePlanetCapital, said of the round; “GT Green Technologies is one of the most exciting investments we have made in the greentech space. The opportunity set for the company is enormous as the shipping industry reacts to new regulations, with the company’s WAP technology a potential game-changer in the sector.”

The products and services herein described in this press release are not endorsed by The Maritime Executive.