GT Wings Secures £1 Million Investment for Wind Propulsion Expansion
Deal News | Dec 20, 2024 | Blackfinch
GT Wings, a leader in wind propulsion technology for commercial shipping, has secured over £1 million in new equity investments. Blackfinch Ventures contributed approximately £500,000, with the remaining amount sourced from investment angels associated with Sustainable Times and existing shareholder OnePlanetCapital. The funds will facilitate the expansion of GT Wings' team, enhance marketing strategies, and advance the development of its AirWingTM product. This equity round increases the company's total funding in 2024 to over £6 million, ensuring robust capital backing to seize emerging opportunities in the wind propulsion market. By Q1 2025, GT Wings plans to install its AirWing20 unit on a Carisbrooke Shipping vessel, aiming for significant reductions in fuel consumption, marked by a forecasted 10% decrease. The initiative promises expedited payback and substantial financial returns for stakeholders. Blackfinch Ventures commends GT Wings' role in maritime decarbonization and is committed to supporting their efforts in advancing sustainable commercial shipping solutions.
Sectors
- Maritime Shipping
- Renewable Energy
- Private Equity & Venture Capital
Geography
- United Kingdom – GT Wings is based in the UK, and the investment involves UK-based entities like Blackfinch Ventures, positioning the UK as a central geography in the article.
Industry
- Maritime Shipping – The article focuses on GT Wings, which creates wind propulsion technology specifically for commercial shipping, indicating its relevance to the Maritime Shipping industry.
- Renewable Energy – GT Wings is involved in developing wind-based propulsion technology, aligning it with the Renewable Energy sector, particularly in maritime applications.
- Private Equity & Venture Capital – The involvement of Blackfinch Ventures, a PE firm, highlights the significance of private equity and venture capital in providing financing for innovative technology startups like GT Wings.
Financials
- £1 million – The total equity investment raised by GT Wings, including contributions from Blackfinch Ventures and investment angels.
- £500,000 – The approximate amount invested by Blackfinch Ventures in the equity round.
- £6 million – GT Wings' total funding secured in 2024, including grants and equity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GT Wings | Target Company | Company | GT Wings is the recipient of the equity investment, specializing in wind propulsion solutions for commercial shipping. |
| Blackfinch Ventures | Bidding/Investor Company | Company | A venture capital firm that contributed approximately £500,000 in the equity round for GT Wings. |
| OnePlanetCapital | Existing Shareholder | Company | An existing shareholder of GT Wings, involved in sourcing additional investment angels. |
| Sustainable Times | Investment Angel Source | Company | An entity involved in sourcing investment angels for GT Wings' funding. |
| George Thompson | CEO | Person | Founder and CEO of GT Wings, leading company strategy and operations. |
| Dr Reuben Wilcock | Head of Ventures | Person | Head of Ventures at Blackfinch Group, supporting GT Wings' investment and growth. |
| Carisbrooke Shipping | Installation Client | Company | A shipping company set to install GT Wings' AirWing20 unit on one of its vessels. |