MOL Backs Scottish Wind Propulsion Firm
The engineering company is developing sails for retrofit to commercial ships, targeting emissions reductions of at least 20%. Image Credit: Smart Green Shipping
A unit of Japanese shipping company MOL has invested in a Scottish firm developing wind-assisted propulsion systems for shipping.
Dumfries-based Smart Green Shipping has received £1.35 million in its latest investment round from MOL Drybulk Ltd and Scottish Enterprise, it said in an emailed statement on Thursday.
The engineering company is developing sails for retrofit to commercial ships, targeting emissions reductions of at least 20%.
"MOL is committed to decarbonisation within our industry and Scotland is at the forefront of many environmentally friendly solutions, whilst our investment in Smart Green Shipping furthers our commitment to the UK," Kazuhiko Kikuchi, president of MOL Drybulk, said in the statement.
The investment is the latest in a series of boosts for wind-assisted propulsion, with this technology gaining in prominence significantly over the past two years as a means of complying with GHG emission regulations and cutting fuel costs.