OnePlanetCapital, the climate tech VC, has led a strategic funding round into GT Green Technologies. GT Green is a pioneer in emerging wind technology – dedicated to revolutionising commercial shipping with innovative Wind Assisted Propulsion (WAP) solutions. As part of the raise OnePlanetCapital will take a board seat in the company and advise the management team going forward.
Alongside OnePlanetCapital, GT Green Technologies has received strategic investments from Carisbrooke Shipping, plus financial backing from several notable climate focused angels, alongside a retail tranche with over 500 investors.
The broad interest in the round reflects the growing interest in WAP for commercial shipping, and the early positive results on fuel savings the company has been able to demonstrate through testing and simulation.
Artist’s impression of a 20-metre AirWing™ unit to be installed on Carisbrooke Shipping’s general cargo vessel later this year.
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.”
Anthony Chant, director of OnePlanetCapital, said of the round; “GT Green Technologies is one of the most exciting investments we have made in the climate tech 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.”