December 8, 2023

AYRO receives 19 Million Euro Series B financing from Blue Ocean Fund

AYRO OceanWings® 363 wingsails on the Canopée. (Photo Business Wire)
AYRO OceanWings® 363 wingsails on the Canopée. (Photo Business Wire)

AYRO, the designer and manufacturer of the OceanWings wingsail solution for cargo ships and yachts, announced recently the close of a 19.2 million € ($21 m) Series B round, led by Blue Ocean, managed by SWEN Capital Partners, which brings the total funding for the leader in Wind Powered Decarbonation solutions for the maritime sector to over 30 million €.

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, Managing Director of Blue Ocean, will join the board of AYRO.

This major investment in AYRO occurs at a unique moment 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.

“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,” said Emmanuel Schalit, AYRO’s new CEO. “The good news is that wind is free, available on every ocean, and the technology to harness it is now mature and available.”

In July, AYRO installed 4 OceanWings 363 wingsails on the Canopée, a groundbreaking 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.

“Blue Ocean backs startups that can deliver both systemic impacts for ocean health and competitive market returns. We studied the wind propulsion market in detail for 2 years and concluded that AYRO is clearly positioned to be a global leader in this sector,” said Christian Lim, managing director of SWEN Capital Partners. “Wind propulsion is critical for decarbonization 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.”


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