Designer and manufacturer of the OceanWings wingsail solution for cargo ships, France-based Ayro, has closed a €19.2m (US$ 21m) Series B finance round, led by Blue Ocean, managed by SWEN Capital Partners, which brings the total funding for the Wind Powered Decarbonation solution company for the maritime sector to over €30m.
Existing investors Ocean Zero and Bpifrance, through its Ecotechnology 2 fund, as part of France 2030 initiatives, participated in the round, alongside new investors AmInvest, Colam Impact, Normandie Participations, Normandie Littoral and FCPI Capital Innovant n°2 managed by SWEN Capital Partners. Christian Lim, MD of Blue Ocean will join the board of Ayro.
This major investment in Ayro occurs when both the company and the market are at an inflection point. 2023 was the warmest year on record for the planet, and shipping is expected to represent up to 17% of human CO2 emissions by 2050 if no action is taken.
Emmanuel Schalit, CEO Ayro said: “Every year, some 90,000 ships transport nine billion tons of goods globally, accounting for almost 90% of all logistics flows. Reducing the emissions of these ships is an urgent priority. The good news is that wind is free, available on every ocean, and the technology to harness it is now mature and available.”
Earler in 2023, Ayro installed four OceanWings 363 wingsails on the Canopée, a vessel dedicated to transporting Ariane 6 space launch system components from Europe to French Guiana, which will enable a 30% reduction in fuel consumption and CO² emissions over its regular route.
Lim said: “Blue Ocean backs startups that can deliver both systemic impact for ocean health and competitive market returns. We studied the wind propulsion market in detail for two years and concluded that Ayro is clearly positioned to be a global leader in this sector. Wind propulsion is critical for decarbonisation of shipping in the context of what is now being called ‘global boiling, and ambitious targets set by the International Maritime Organization and carbon reduction regulations coming into effect across the globe. The transformation of the maritime industry has begun, and we are excited about the major contribution that Ayro will make.”
