GTT Strategic Ventures, the GTT group’s venture capital arm, is participating in a fund-raising round aimed at supporting Bluefins, an innovative start-up in the field of ship propulsion systems.
The investment is made alongside BNP Paribas Développement, Breizh Up (a regional fund managed by UI Investissement), and Bluefins’ existing shareholders, including Ifremer.
The €4m funding will enable Bluefins to conduct its first sea tests in early 2025, on a 45m AHTS-type vessel, and to initiate the commercialisation of its first products.
Founded in 2021, the French company Bluefins has developed, in partnership with French ocean research institute Ifremer, an articulated hydrofoil technology inspired by the tail fins of whales. This biomimetic propulsion system, installed at the rear of vessels, uses articulated mechanisms to convert pitching motion into forward propulsion. The technology optimises energy efficiency by reducing fuel consumption as well as CO2, SOx, and NOx emissions by around 20%. Additionally, it enhances the stability of vessels by reducing pitching, contributing to safer navigation.
Bluefins’ technology is designed to be adaptable to a variety of ships, including container vessels, bulk carriers, LNG carriers, and oil tankers, whether new-build or in-service. Bluefins takes into account the design specifics, safety requirements, and particular constraints of each type of vessel. This approach is intended to ensure optimal integration and performance, thus meeting the diverse needs of the maritime sector.
Hélène Loncin, Head of GTT Strategic Ventures, said: “The technology developed by Bluefins has the potential to significantly improve the efficiency of ship propulsion. We are proud to contribute through this equity investment, in collaboration with our co-investors, to the adoption of more sustainable and efficient solutions in the maritime industry.”
Olivier Giusti, President and founder, Bluefins, said: “This fundraising represents a very important milestone for Bluefins; we are empowering ourselves to demonstrate the relevance of our solution in real-world conditions, thus meeting the expectations of shipowners.”
Image: Bluefins propulsion system principle (source: Bluefins)
