GTT Strategic Ventures invests in Bluefins to support the development of a more sustainable naval propulsion

2024-09-30

Paris, 30 September 2024 – GTT Strategic Ventures, the GTT group venture capital arm, announces its participation in a fund-raising round aimed at supporting Bluefins, an innovative start-up in the field of ship propulsion systems. This investment is made alongside BNP Paribas Développement, Breizh Up (a regional fund managed by UI Investissement), and Bluefins' historical shareholders[1], including Ifremer[2].

This fundraising of 4 million euros will enable Bluefins to conduct its first sea tests in early 2025, on a 45-meter AHTS-type[3] vessel, and to initiate the commercialization of its first products.

Founded in 2021, the French company Bluefins has developed, in partnership with Ifremer, an articulated hydrofoil[4] 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. This unique technology optimizes 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 wide variety of ships, including container vessels, bulk carriers, LNG carriers, and oil tankers, whether new-build or in-service. Bluefins takes into account the architectural specifics, safety requirements, and particular constraints of each type of vessel. This approach ensures optimal integration and high performance, thus meeting the diverse needs of the maritime sector.

Hélène Loncin, Head of GTT Strategic Ventures, stated: "The technology developed by Bluefins has the potential to significantly improve the efficiency of naval 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 of Bluefins, stated: "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 ship-owners."

Investor Relations Contact: information-financiere@gtt.fr / +33 1 30 23 20 87
Press Contact: press@gtt.fr / +33 1 30 23 56 37 


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[1] Greenpact, 4elements and I3 (Ifremer).
[2] Ifremer is the French research institute dedicated entirely to understanding the ocean.
[3] AHTS Vessel (Anchor Handling Tug Supply): An AHTS vessel is a specialized type of ship used to handle the anchors of offshore platforms, transport supplies, and perform towing operations.
[4] A hydrofoil is a lifting surface, or "foil", that operates in water. They are similar in appearance and function to the aerodynamic profiles used by airplanes.