GT Wings bags $1.3M in new investment round

December 23, 2024, by Naida Hakirevic Prevljak

UK’s wind propulsion technology provider GT Wings has closed over £1 million (about $1.3 million) in new equity that would enable the company to grow its team and further develop its wingsail solution.

The new equity comprises ~£500k investment from Blackfinch Ventures, and an additional £500k from investment angels sourced by Sustainable Times and existing shareholder, OnePlanetCapital.

As informed, the equity round brings GT Wings’ total funding secured in 2024 to over £6 million across grant and equity sources, strengthening the company’s balance sheet and providing the capital to execute on the significant opportunity ahead in the high-growth wind propulsion market.

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“We are very excited to welcome Blackfinch Ventures as an investor at this pivotal time. This timely influx of funding allows us to accelerate the growth of our team and the scaling of our AirWing technology to meet the rapidly expanding demand for our wind propulsion solutions,” George Thompson, Founder and CEO of GT Wings, commented.

In Q1 2025, GT Wings plans to install its first AirWing20 unit on a Carisbrooke Shipping vessel operating in the North Atlantic. This single installation is projected to cut fuel consumption by up to 10%, achieving payback in less than four years while delivering a robust IRR and NPV for the shipowner.

“GT Wings is at the forefront of an industry transformation, delivering tangible and scalable solutions for maritime decarbonization. We are proud to support the company in its journey to reshape the future of commercial shipping while addressing critical environmental challenges,” Reuben Wilcock, Head of Ventures at Blackfinch Group, said.

Earlier this year, GT Wings partnered with A2O Manufacturing and KS Composites on the development of the wind propulsion system AirWing, designed for commercial shipping. According to GT Wings, the solution can reduce fuel consumption and carbon emissions by up to 30%.