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FUNDING DELIVERED FOR FRENCH WIND PROPULSION PROJECT

FUNDING DELIVERED FOR FRENCH WIND PROPULSION PROJECT

Monday, September 20, 2021 

French company AYRO reports that it has raised 10.5m capital from Ocean Zero (USA), Bpifrance (France) and Mer Invest (France) for its Oceanwings concept, a wind propulsion hybrid system for maritime transport.

Founded in 2018 by Marc Van Peteghem and Nicolas Sdez as a spin-off of French naval architect VPLP, AYRO designs, manufactures and sells Oceanwings, a wingsail technology believed to decrease fuel consumption on large cargo ships by as much as 45%.  As maritime shipping continues to grow, projections suggest that 17% of all CO2 released into the atmosphere by 2050 will be caused by ships at sea unless significant measures are taken.

The Oceanwings system is intended to help shipping companies comply with environmental regulations, including the IMO's requirement for a reduction in shipping emissions of 45% by 2050.

AYRO’s patented technology was originally developed by VPLP Design, and in 2019 two wings were installed on catamaran Energy Observer, a floating laboratory that has been sailing for the past two years promoting new propulsion technologies with zero harmful emissions. Last year, AYRO signed a major contract for four Oceanwings 363 wingsails to be fitted on ro-ro vessel Canopée, which has been chartered by ArianeGroup and will be launched in 2022.

The funds raised in this investment round will be used to boost Oceanwings development and industrialisation, to start up a production facility in Caen-Blainville, France, and to reinforce sales and marketing.

Van Peteghem said : ”We are delighted to have been able to assemble this unique team of investors. They are passionate about what we do and have a deep understanding of our sector. We are looking forward to working with them to make AYRO the reference mark of the hybrid wind propulsion market”.

Ludovic Gérard, CEO AYRO, added: “With shipping companies and shipyards increasingly interested in wind propulsion technologies, the market is expending fast. Thanks to this new funding, we will be able to answer that demand, demonstrate our unique technologies, and supply our flagship product, Oceanwings. We are looking forward to exciting times ahead”.

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