{"id":83688,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/22\/sgs-eyes-eur-6-mn-funding-round-for-wind-sail-tech\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"sgs-eyes-eur-6-mn-funding-round-for-wind-sail-tech","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/22\/sgs-eyes-eur-6-mn-funding-round-for-wind-sail-tech\/","title":{"rendered":"SGS eyes EUR 6 mn funding round for wind-sail tech"},"content":{"rendered":"

SGS is raising funds for wind sail tech:<\/strong> The UK's Smart Green Shipping (SGS)<\/a> is eyeing a new fundraising round for an additional EUR 6 mn following the development of their FastRig<\/a> wind sail technology, The Financial Times<\/a> reports. The tech aims to reduce fuel consumption in the shipping industry by up to 30%. The new funding round values the company, which is backed by Mitsui OSK Lines<\/a>, Ultrabulk<\/a>, and Drax<\/a>, at EUR 25 mn.<\/p>\n

About the tech:<\/strong> The FastRig system, designed to be retrofitted onto ships, captures wind as a supplementary power source to cut carbon emissions, the FT writes. The prototype, currently installed at the Scottish port of Hunterston, is set to be fitted onto the Pacific Grebe<\/a> \u2014 a vessel used for transporting radioactive material \u2014 in September. The technology also addresses concerns about installation time and interference with loading operations by being retractable and lightweight.<\/p>\n

Not the first to go with the wind: <\/strong>A dry cargo ship fitted with sails<\/a> that can harness wind power set sail from Singapore to Brazil in August to study how wind energy can cut carbon emissions. The Cargill-owned vessel is retrofitted with 37.5 meters wind sails \u2014 produced by Norway\u2019s Yara Marine Technologies \u2014 expected to cut fuel costs up to 30% on new-build vessels.<\/p>\n

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Indonesia <\/strong>to invest USD 1 bn in its energy transition: <\/strong>Indonesia's sovereign wealth fund the Indonesia Investment Authority (INA) is set to make investments of up to USD 1 bn this year with a focus on EVs and geothermal energy, The Financial Times<\/a> reports, citing INA CFO Eddy Porwanto. The investments will also fund the early retirement of coal-fired power plants. The move aligns with the country's ambition to become a key player in the energy transition by leveraging its substantial nickel reserves, the largest in the world, and a center for EV production and carbon monetization.<\/p>\n

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Stellantis to acquire 49.5% of Argentinian solar power firm: <\/strong>Automaker Stellantis will acquire 49.5% of one of Argentina\u2019s top solar power producers, 360 Energy Solar, for USD 100 mn, Reuters<\/a> reported last week. Going forward, the two companies will develop new solar plants, produce green hydrogen, and establish large-scale solar storage facilities. Stellantis will use the renewable energy produced from this partnership to power two of their plants in Argentina \u2014 Ferreyra and El Palomar.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n