Stolt Nielsen has backed graphene-based coatings specialist Graphite Innovations & Technology (GIT) in a CAD 10m ($7.5m) fundraising round.
The move by the Oslo-listed chemical tanker giant comes just days after it agreed to deploy the Canadian-based firm’s technology on 25 of its ships.
The series A funding round was led by BDC Capital’s Climate Tech Fund, in collaboration with a global syndicate of climate, ocean and maritime investors including France-based Seventure Partners’ Blue Forward Fund, Norway’s Farvatn Ventures, Canadian companies Melancthon Capital and Invest Nova Scotia and other new and existing investors.
GIT said the funds will be used to expand the production capacity of its sustainable marine coatings, grow its global customer base, invest in the development of next generation coatings, and build strategic partnerships to accelerate commercialisation.
“GIT is propelling the marine sector forward towards its sustainability goals and this investment will help us reach even more customers around the globe,” chief executive Mo AlGermozi said.
“Our eco-friendly marine coatings increase hull and propeller efficiency, delivering significant fuel savings and GHG emissions reductions relative to existing coatings.”
GIT claims its graphene-based, eco-friendly marine coatings help vessel owners “increase fuel efficiency, reduce drag, and optimise a vessels’ hydrodynamics and overall performance”.
The company also claims that its technology also “helps vessel owners score higher on their Carbon Intensity Index (CII)”, which came into force as of January 2023.
Matt Stanley, partner at BDC Capital’s Climate Tech Fund, said: “With proven products that deliver an attractive ROI for vessel owners and operators, ambitions to scale, and a commitment to help solve the climate crisis, GIT is exactly the type of company we like to invest in.”
GIT claims its coatings can also unlock operational benefits for dry docks as its durable coating system requires fewer layers, thereby reducing the application time in dry dock.
The company said: “GIT’s graphene-based coatings can be applied across a wider temperature range (-5 to 40°C) compared to traditional marine coatings, thereby increasing the length of the coating season.
“These coating technology advantages can help to further speed up the decarbonisation of the shipping industry and deliver on sustainability goals sooner than projected.”
Singapore-based Eastern Pacific Shipping has also installed GIT’s coatings on two of its vessels including the propeller of the 37,240-cbm LPG carrier Quebec (built 2017) and the hull and propeller of the 34,500-cbm LPG carrier Kent (built 2007).
