The Prince Albert II of Monaco Foundation’s ReOcean Fund has invested in Bound4blue, a Spanish company developing automated sail systems for commercial ships.
The Barcelona-based firm makes the eSAIL system, which uses wind power to reduce fuel consumption on cargo vessels, tankers and cruise ships. The technology can be retrofitted to existing ships regardless of age or size, addressing a key challenge in cleaning up one of the world’s most polluting industries.
Second investment for ocean-focused fund
Bound4blue becomes the second company in the ReOcean portfolio, following environmental DNA specialist NatureMetrics. The fund, run jointly by the Prince Albert II Foundation and Monaco Asset Management, has now raised $73 million from 22 investors towards a €100 million target.
Olivier Wenden, Vice-Chairman and CEO of the Foundation, said wind-assisted propulsion offers “a concrete response to one of the most urgent climate challenges” because it works with ships already at sea rather than requiring new builds.
The investment comes as part of a broader funding round for Bound4blue that includes maritime companies, ship-owning families and government investors. José Miguel Bermúdez, the company’s CEO and co-founder, said the money will fund expansion and technology development for “sustained global deployment”.
Autonomous sails require minimal maintenance
Bound4blue claims its eSAIL system is the most cost-efficient wind propulsion technology available. The automated sails operate without crew intervention and need little maintenance once installed. The company says the technology suits tankers, bulkers, ro-ros, cruise vessels, ferries, gas carriers and general cargo ships.
Several shipping companies have begun testing wind-assisted propulsion systems as the industry faces pressure to cut emissions. International Maritime Organization regulations require ships to reduce carbon intensity, whilst some cargo owners now favour vessels with lower environmental impact.
Fund targets Series B ocean technology companies
ReOcean focuses on Series B stage companies working on ocean-related challenges aligned with UN Sustainable Development Goal 14. The fund’s stated aims include reducing ocean pollution, changing how seafood is produced, protecting marine ecosystems and providing data to policymakers.
The Foundation’s backing gives Bound4blue credibility in an industry where new technologies face scepticism. Wind propulsion fell out of favour in the 20th century as diesel engines became standard, but rising fuel costs and environmental regulations have renewed interest in the approach.
Wenden said green shipping stands as a “top priority” for the fund’s investment strategy, though he did not specify how much ReOcean invested in Bound4blue or what stake it acquired.
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Photo source: Bound4Blue