Shipping Wind Power Start-Up Raises €10.5 Million in Funding

by Ship & Bunker News Team
Tuesday September 14, 2021

Engineering start-up AYRO, which is developing wind power systems for ships, has raised €10.5 million in funding to help the company grow.

The firm has raised the sum from Ocean Zero, BPI France and Mer Invest, the company said in an emailed statement on Tuesday.

The company makes the wind power system Oceanwings. The organisation plans to use the money to set up an Oceanwings production facility in Normandy as well as to boost its sales and marketing operation.

"We were particularly impressed by AYRO's high-end technology," Jason Bigeard, investment director at BPI France, said in the statement.

"The environmental impact is a current topic, especially within the maritime industry.

"Through the 'Plan Climat' of Bpifrance, we assist companies in their ecological and environmental transition plan and support those with a significant impact on the environment.

"Thanks to recent regulations and the evolution of stakeholder awareness on environment issues, the market for hybrid wind propulsion is going to take off very soon."