Dumfries-based design and engineering company, Smart Green Shipping, has secured £1.35 million in an investment round backed by MOL Drybulk Ltd and Scottish Enterprise.

Smart Green Shipping will now see further growth in their development of unique retrofit sails and technology for sustainable commercial ships.

The company’s FastRig wingsail technology is enabled by a fuel saving prediction tool, supported by the European Space Agency business incubation centre.

Their solutions aim to enable the reduction of emissions from certain ship types by at least 20% as forecast via tests supported by the Innovate UK programme on a large commercial cargo ship.

Chief Executive of Smart Green Shipping Diane Gilpin said: “Wind-assist is the only technology that can support global shipping’s GHG reduction in line with International Panel on Climate Change advice – emissions must start reducing rapidly if we are to avoid temperature increases of more than 1.5 degrees.

“The shipping industry knows this and with the introduction of various new emission reduction regulations this year and next there is a strong interest for FastRigs. Having MOL on-board is a real benefit for us, they bring deep market and operational knowledge.

“That they are partnering with Scottish Enterprise in investing together underlines Scotland’s commitment to this new global market for renewable energy that Scotland is already so good at. There’s a huge amount of in and cross sector learning going on in this collaboration .”

Smart Green Shipping has progressed its project from its base in Dumfries working alongside Caley ocean Systems and Malin in Glasgow and will retrofit its technology onto ships for commercial demonstration next year following a testing phase at Hunterson PARC.

Last year, Smart Green Shipping received a £1.8m grant from Scottish Enterprise towards a research and development project with a total value of £5 million, match funded by the private sector.

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The latest investment further supports the company’s growth and director of entrepreneurship and investment at Scottish Enterprise Kerry Sharp said: “Our investment alongside MOLDB will encourage innovation and growth in an exciting Scottish-based company with international potential that is creating jobs and sustainable shipping solutions, vital for a greener economy.

“Scottish Enterprise continues to invest in projects with positive impact on the planet and people which is exemplified by Smart Green Shipping and I look forward to seeing its demonstrator FastRig tested at Hunterston PARC as we work with the company on its growth.”

The involvement of MOLDB, a shipping company headquartered in Japan, shows the climate ambitions in Scotland are a global priority.

President and Representative Director of MOL Drybulk, Kazuhiko Kikuchi said: “MOL is committed to decarbonisation within our industry and Scotland is at the forefront of many environmentally friendly solutions, whilst our investment in Smart Green Shipping furthers our commitment to the UK.”

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