Shipping Dynasties, Royalty Back Modern Sails to Cut Fuel Use

Asian and Norwegian shipping dynasties are among investors offering support for modern-day sail technology that claims to have potential to slash the amount of fuel needed by vessels.

The family office of Norway-based shipping group Odfjell SE and Singapore-based Octave Capital, backed by storied conglomerate Tsao Pao Chee Group, supported a new $44 million fundraising round for bound4blue, a developer of wind propulsion systems, the company said on Tuesday.

Bound4blue’s suction sails on Odfjell ship.

Source: bound4blue

Spain-based bound4blue’s technology — tube-like structures up to 36 meters(118 feet) high — suck in wind during a vessel’s journey and use fans to create thrust, reducing ...