Competitor analysis, commercial traction, ESG positioning, founder profile, technical IP, customer adoption, and potential UK-based VCs or large funding partners relevant to their £10M Series A raise.

Smart Green Shipping:

Pioneering Wind Propulsion in Maritime Decarbonisation

Company Overview and Recent Developments

Smart Green Shipping (SGS) is a UK-based clean shipping technology company developing wind-assisted propulsion systems and digital optimisation tools for ships. Founded in 2014 by CEO Diane Gilpin, SGS has grown from a two-person concept into a multi-disciplinary team of engineers, data scientists, and maritime experts based in Scotland. The company’s flagship invention is the FastRig – a lightweight, 100% recyclable aluminium wingsail that can be retrofitted onto large cargo vessels (bulk carriers, tankers) to harness wind power. FastRig works in tandem with FastRoute, SGS’s proprietary AI-driven route optimisation software, to maximise fuel and emissions savings by analysing weather and voyage data. Together, these solutions promise up to 40% reductions in fuel use and greenhouse gas emissions per annum for equipped ships.

Recent Milestones: In late 2024, Smart Green Shipping completed rigorous land-based and at-sea trials of the FastRig system as part of the UK’s “Winds of Change” project. The land trials at Hunterston PARC in Scotland and subsequent sea trials aboard the MV Pacific Grebe (a 16,000 DWT nuclear fuel carrier) demonstrated the FastRig’s performance and operability in real conditions. Notably, the FastRig was installed dockside and later removed without dry-docking, validating SGS’s “easy-on, easy-off” retrofit approach that minimises downtime. The trials, conducted under International Towing Tank Conference (ITTC) protocols, confirmed fuel savings up to 40% and independently verified the accuracy of the FastRoute modelling software in predicting those savings. Feedback from ship officers and independent inspectors was positive, noting that the wing sail’s small deck footprint and stowable, automated design addressed safety and visibility concerns while avoiding the need for heavy structural reinforcements. These results have demonstrated the technical viability of SGS’s solution in real maritime operations and paved the way for its commercial deployment.

FastRig wind-assist wingsail installed on the MV Pacific Grebe during 2024 sea trials. The 20m-tall wing can autonomously orient and retract, achieving up to 40% fuel and CO2 savings in testing.

Following the success of the trials, SGS has secured initial commercial agreements and is now preparing to scale up. In July 2025, it was announced that Drax Group, a major UK renewable energy company, signed a deal to install a FastRig sail on one of its chartered bulk vessels. Drax had been a project sponsor since 2018 and provided £1 million in funding (matched by a UK government Clean Maritime grant) to support the FastRig’s demonstration, aiming to reduce emissions in Drax’s biomass supply chain.

Now that the demo is successful, FastRig will be deployed on a Drax-contracted ship – a critical step that could catalyse broader customer adoption. Indeed, SGS reports “big demand from cargo owners” for wind propulsion, and plans to install its technology on a vessel operating between Canada and Japan are already in motion. The company forecasts an ambitious rollout of 69 FastRig units by 2028, targeting approximately £57.5 million in revenue by 2026, as global decarbonization regulations drive interest in fuel-saving retrofits. To finance full commercialisation and meet this demand, Smart Green Shipping is currently seeking a £10 million Series A investment round.

Funding Status: To date, SGS has been backed by a combination of strategic industry investors and public innovation grants. In 2022, the company raised £5 million from Scottish Enterprise, MOL Drybulk (the wind-assisted shipping division of Mitsui O.S.K. Lines), and private investors. This allowed the construction of the land-based prototype and scaling of the team. In 2023, an additional £4.2 million was raised (in partnership with the University of Southampton) via the UK Clean Maritime Demonstration Programme and other sources.

The Scottish Government (through Scottish Enterprise and Scottish Development International) has been a key supporter, providing a £1.8M R&D grant and fostering an ecosystem in Scotland for SGS’s growth. Strategic partnerships have also provided capital and resources. MOL, one of Japan’s largest shipowners, took an equity stake in SGS and shared operational expertise as early as 2021. Future Planet Capital, a climate-focused fund based in London, has also made an investment. Corporate partners, such as Drax, have contributed funding and extensive voyage data to support the development.

Overall, including grants from Innovate UK and the European Space Agency’s business incubator (for FastRoute development), as well as other angel investors, SGS has raised several million pounds in non-dilutive funding since 2019. This blend of funding has enabled the company to navigate the R&D and pilot stages; the upcoming Series A is intended to fuel the scale-up of manufacturing, commercial sales, and global deployment efforts, ultimately turning SGS into a revenue-generating business.

Wind Propulsion Competitor Landscape

Smart Green Shipping operates in the emerging field of wind-assisted and zero-carbon maritime propulsion, where numerous innovators are developing solutions to reduce fuel consumption and emissions from ships. Most of these technologies are designed to be retrofitted on existing vessels (or incorporated into newbuilds) and serve as auxiliary propulsion to save fuel. Below is a comparison of key competitors and their approaches:

Company (Origin) Wind Tech Solution Retrofit Deployments & Performance Funding/Partners Norsepower (Finland) Rotor Sails (spinning cylinder rotors) Yes ✔️ 32 rotor sails installed on 18 ships (tankers, bulkers, ferries). Fuel savings avg. 5–25% (up to ~50% on best routes). Proven on Maersk, Viking Line, etc. ~€70 M raised since 2012; scaling production (100 units/year by 2027) with a new factory in China. Investors include OGCI Climate Investments and Finnish VCs.

Anemoi Marine (UK) Rotor Sails (fixed, folding & rail-mounted options) Yes ✔️ Rotor sails installed/trialled on bulk carriers (e.g. TR Lady Kamsarmax). Independent tests (Lloyd’s Register) showed ~9% average fuel savings (1.9 t fuel/day) and up to 21% on favourable voyages. Contracts to equip newbuild tankers (e.g. 6× GEFO tankers) were announced in 2025. Backed by private investors, opened a China production facility (Jiangsu) in 2025 with capacity for 250 rotors/year, enabling global scale-up—partners with Chinese state firms (CRRC) for manufacturing.

BAR Technologies / Yara Marine (UK/Norway) WindWings – large rigid wing sails (30–40 m tall) for bulk ships. Yes ✔️ (retrofit and newbuild). First installation Aug 2023 on the 80,000 DWT bulker Pyxis Ocean (chartered by Cargill). Achieved 14% fuel savings over initial 6-month trial (about 3 tons of fuel saved per day), with DNV observing up to 30+% savings in optimal conditions. Additional WindWings to be deployed on new vessels in 2024–25. Partnership of BAR Tech (UK naval design) and Yara Marine (Norwegian clean tech). Received EU funding and industry backing via Cargill and Mitsubishi. Aiming to offer wingsail packages for large cargo fleets as a turnkey service.

Airseas (France, acquired by K-Line) Seawing – 500m2 automated parafoil kite system Yes ✔️ Installed on a commercial Ro-Ro ship (Ville de Bordeaux) in 2022 for trials. Demonstrated fully autonomous deployment and traction flights in sea trials. Expected fuel burn reduction ~10–20% (Airseas cites ~16% average on transatlantic routes). Two large 210,000 DWT bulkers on order are expected to use Seawing by 2025. Raised >€30 M from Airbus and others; acquired by K Line (Japan) in 2023 to secure wind tech for its fleet. K Line and J‑Power plan wind-assisted bulk carriers for transporting iron ore and biomass. bound4blue (Spain)

eSAIL – rigid suction wing sails (vertical aerofoils with boundary-layer suction) Yes ✔️ Installed on several smaller vessels: a fishing trawler (2018) and a general cargo ship (2022). Upcoming installs on Louis Dreyfus Armateurs vessel (4 eSAILs in 2024) and 20 eSAIL units across 5 Maersk Tankers ships (contract signed late 2024). Estimated fuel savings in mid-teens per cent per sail (exact performance data pending full voyages). Raised €15.9 M Series A in Sep 2023 led by GTT Strategic Ventures with EU EIC Fund, Louis Dreyfus Company and others joining. Received €4.1M EU grant. Scaling up manufacturing to fulfil the growing orderbook in 2024–25.

Table:

Competitive landscape of wind-assisted propulsion – Smart Green Shipping’s FastRig competes with a range of technologies (rotating cylinders, rigid sails, kites) that similarly aim to cut fuel consumption and emissions for large ships. All these solutions are add-ons to conventional vessels, reflecting a trend toward retrofittable decarbonisation tech. SGS’s FastRig differentiates itself by its lightweight, quick-mount design and integrated AI routing platform. In contrast, others, like Norsepower and Anemoi, emphasise technology maturity and industrial scale, and kite solutions offer flexibility with a minimal deck footprint.

Beyond wind propulsion, it’s worth noting the broader zero-carbon maritime tech space includes alternative fuels (e.g. ammonia, methanol engines), onboard carbon capture, and battery-hybrid systems. However, wind-assist technologies like FastRig stand out for providing immediate emissions cuts using a free energy source, without waiting for new fuels or major vessel modifications. This competitive landscape is nascent but rapidly evolving – for instance, some shipping lines (Mitsui O.S.K., Cargill/Mitsubishi, K-Line) are directly investing in or procuring wind propulsion systems to meet IMO carbon intensity targets in the 2020s. With multiple wind-assist solutions now proven at sea, industry adoption is expected to accelerate, potentially allowing multiple winners as the global fleet (over 50,000 ships) offers a huge retrofit market.

Commercial Traction: Trials, Deployments, and Partnerships

Smart Green Shipping’s credibility has been significantly boosted by its real-world trials and pilot deployments, which serve as case studies for customers. The Winds of Change pilot (2019–2025) provided a comprehensive demonstration: after a period of digital simulations and a stationary test, SGS chartered the Pacific Grebe in late 2024 and successfully installed a full-scale FastRig on this 104-meter vessel. The FastRig sail – approximately 20 meters tall – was raised and tested on voyages around the British coast, then unstepped (removed) after the sea trial, all within an 8-week campaign.

Completing this cycle on time and on budget gave shipowners confidence that FastRigs can be deployed without disrupting commercial schedules. It also allowed SGS to fine-tune operational details. For example, the trial validated that the wing sail’s automated control system (developed with partner Caley Ocean Systems) could be safely integrated with ship operations, and that a built-in radar on the wing effectively mitigated visibility blind spots when the sail is raised. The independent involvement of Lloyd’s Register and the UK Maritime & Coastguard Agency in certifying the test sail further bolstered SGS’s claims of safety and regulatory compliance.

With trial results in hand, SGS has established commercial beachheads through strategic partnerships. Drax Group’s commitment in 2025 to install a FastRig on a biomass carrier marks the company’s first commercial deployment. This installation (expected in late 2025 or 2026) will likely be on a geared bulk vessel that transports wood pellets and is intended to demonstrate fuel savings on a heavy transoceanic route. Drax’s logistics head has publicly endorsed wind-assist, stating that wind propulsion “is freely available, renewable, and… capable of supporting shipping with its goal of Net Zero, while empowering cargo owners to reduce Scope 3 emissions”.

Such endorsements show that cargo owners (like Drax) see FastRig not only as cost-saving but as a tool to decarbonise their supply chains. Another early user will be MOL Drybulk, which, as both an investor and launch customer, plans to integrate FastRigs on some of its ships – MOL has declared a goal to equip one-third of its 300+ vessel fleet with wind-assist technology by 2030.

The initial concept for FastRig was co-developed in response to requirements from MOL and Drax. Mitsui O.S.K. Lines sought a retrofittable sail that would not impede port operations or require major vessel modifications, as they anticipate installing such systems on their existing bulk carriers. The design input from these industry players helped SGS tailor FastRig for practical use (e.g. making it fully stowable/hinged to allow clearance under bridges and during cargo loading).

Other notable partnerships include Ultrabulk, a global dry bulk operator that joined forces with Drax and SGS as early as 2018 to study wind propulsion on biomass routes. While Ultrabulk’s role has been supportive (providing voyage data and operational insights), it signals interest from the commercial shipping community that operates the types of ships SGS is targeting.

Additionally, Shell – one of the world’s largest charterers of tankers and LNG carriers – provided a letter of support to SGS, indicating a potential pipeline for future projects. This is significant: oil majors and commodity traders are under pressure to reduce shipping emissions for their charters, and technologies like FastRig can help mitigate the carbon footprint of transporting crude, gas, or ores. SGS is already in “deep engagement with large ship owners” and major charterers on this front.

The company’s strategy to accelerate uptake is a turnkey service model branded “FastReach” – essentially a Wind-as-a-Service offering where SGS will lease the sails and handle installation, maintenance, and regulatory compliance for shipowners. This approach removes the barrier of high upfront cost for customers and ensures the sails are operated optimally. By offering wind propulsion via an OPEX model, SGS aims to make adoption frictionless and achieve a broader commercial scale more quickly.

In terms of market traction, 2025 appears to be a tipping point. Industry observers note that multiple wind-assist solutions (FastRig and competitors) are graduating from pilot phase to fleet orders, driven by impending emissions regulations (IMO’s EEXI/CII ratings, FuelEU Maritime targets, etc.). Smart Green Shipping has positioned itself well to capitalise on this trend: it has proven its technology in a challenging use case (retrofitting a nuclear cargo vessel), secured two high-profile early adopters (MOL and Drax), and built a consortium of partners (ship designers, yards, and universities) to execute projects.

The next challenges will be scaling up manufacturing and installation capacity to meet commercial demand. SGS’s partners, such as the Malin Group (which fabricated the prototype wingsail in Glasgow), will be crucial in this scale-up. The company plans to utilise existing shipyards and fabrication facilities in the UK to deploy the first sets of FastRigs, potentially creating a new domestic green maritime supply chain. With strong reference projects and an “all-inclusive” service model, SGS is aiming to convert its current pipeline of interested clients into firm orders as it approaches its Series A funding.

ESG Positioning and Impact

Environmental and social sustainability is at the core of Smart Green Shipping’s mission and branding. The company was fundamentally motivated by the climate emergency and the need to decarbonise hard-to-abate sectors like maritime transport. It communicates a clear purpose: “to be the wind of rapid change in the greatest race against time,” striving for zero-carbon, nature-aligned global shipping. This ethos is reflected in SGS’s solutions, which enable immediate emissions reductions by leveraging wind – a clean, renewable force that is abundant and free at the point of use. By cutting fuel consumption 20–40%, FastRig directly reduces greenhouse gases and air pollutants from ships, contributing to international climate goals and cleaner air in port communities. Importantly, SGS often frames its impact in terms of helping cargo owners and ship operators meet ESG and Scope 3 emissions targets.

For example, shipping emissions, which account for ~3% of global greenhouse gas (GHG) emissions, are typically classified as Scope 3 (indirect) emissions for fuel users such as commodity producers. SGS’s technology provides those companies with a tangible way to reduce their Scope 3 carbon footprint. Mark Gibbens of Drax noted that wind propulsion on ships can “empower cargo owners to reduce Scope 3 emissions in their supply chains,” underlining this value proposition.

SGS also emphasises circular economy principles in its business model, enhancing its ESG appeal. The FastRig wingsails are designed to be recyclable (made of aluminium and other reusable materials) and are offered through a leasing model (FastReach) that encourages reuse and refurbishment. This model aligns with sustainable finance criteria by shifting from a traditional sell-and-dispose approach to a servitized approach with end-of-life recovery.

Moreover, by extending the operational life of existing ships (through fuel savings and potential carbon credit revenues), SGS indirectly promotes more sustainable use of assets, delaying the scrapping of ships and conserving resources.

The company’s internal operations and culture also reflect ESG values: it is a women-led enterprise in a traditionally male-dominated maritime sector, with Diane Gilpin at the helm advocating for both environmental innovation and social diversity. Gilpin and her team engage with communities – notably, SGS involved a local primary school in Glasgow in designing the artwork (“Winds of Change” graphic) on the prototype sail, literally placing the next generation’s hopes on the sail’s exterior. This creative outreach symbolises SGS’s commitment to education and inspiration around climate action.

The wider recognition of Smart Green Shipping’s impact is evident in the accolades and platforms it has garnered. The company was a nominee for the prestigious Earthshot Prize (in the “Fix Our Climate” category) – an award launched by Prince William to spotlight breakthrough eco-innovations. Although it was just a nomination, this recognition placed SGS among a global cohort of top climate solutions and provided a credibility boost in the eyes of ESG-focused investors.

Additionally, CEO Diane Gilpin is an active voice in industry sustainability forums, having contributed articles to publications such as SAFETY4SEA on the potential of wind in shipping’s future, spoken at events like the GREEN4SEA conference, and appeared on podcasts discussing the intersection of finance and clean shipping.

Through these channels, SGS consistently communicates a message of “pragmatic activism” – stressing that decarbonising shipping is achievable today with existing technology (like sails and more intelligent routing) rather than waiting decades for alternative fuels. This narrative resonates with ESG investors who seek scalable solutions with near-term impact.

In summary, Smart Green Shipping’s ESG positioning is strong: it offers a measurable environmental benefit (fuel/CO2 reduction) that is aligned with global climate goals and maritime regulations, and it approaches it in a socially conscious manner (inclusive leadership, educational outreach, circular business models).

As shipping faces increasing pressure from regulators (IMO’s carbon intensity targets) and customers (cargo owners pledging net-zero supply chains), SGS’s clear commitment to environmental and social value adds weight to its commercial proposition. The company essentially sells emissions reduction as a service, which is precisely the kind of outcome-oriented solution that many ESG-minded financiers and shippers are seeking in the 2020s.

Founder Profile: Diane Gilpin – Background and Thought Leadership

Diane Gilpin, the founder and CEO of Smart Green Shipping, is a prominent figure in the green maritime innovation space. Her professional background is both unique and well-suited to this venture: Gilpin has experience in competitive yacht racing and motorsport, industries where cutting-edge engineering and optimisation are paramount. She has said that the “racing mindset” – a relentless drive to improve performance – inspired her to tackle the huge challenge of shipping decarbonization.

Before joining SGS in 2014, Diane held various roles that bridged technology, sustainability, and logistics. Notably, in the early 2010s, she led the B9 Shipping project, which explored sail-powered cargo ships, and she has been involved in renewable energy advocacy in the UK. This mix of experiences made her well aware of both the climate imperative and the operational realities of shipping.

As a founder, Diane Gilpin is known for her visionary yet pragmatic approach. Colleagues describe her as a “pragmatic activist,” someone driven by purpose but focused on commercial viability. In the early days of SGS, she and her husband ran the enterprise virtually alone, self-funding initial development until they gradually brought on engineers, naval architects, and partners to grow the venture.

Gilpin’s leadership has since attracted talent, including PhD-level aerodynamicists and former seafarers, into the team, creating a multidisciplinary core that blends domain expertise with fresh ideas. As of 2023, she led a team of ~9 full-time staff (projected to grow to around 37 by 2026) and additional contractors for manufacturing scale-up.

Publicly, Diane Gilpin has become a respected thought leader on maritime decarbonisation and wind propulsion. She often features in industry media: for instance, she has authored opinion pieces (like “Wind can catalyse shipping’s green transition”) and has been interviewed by sustainability outlets about SGS’s mission.

In April 2023, she unveiled the FastRig prototype alongside Scotland’s First Minister, garnering press coverage and underlining the importance of government-industry collaboration. Gilpin is also frequently invited to appear on podcasts and panels. TradeWinds and Aronnax podcasts have hosted her to discuss financing clean tech in shipping and the journey of convincing conservative industry players to adopt wind power.

Through these engagements, she does not shy away from the challenges: she openly discusses the hurdles of raising capital for hardware innovation, even sharing personal struggles (such as stress during the pandemic and the loss of a co-founder) to highlight the human side of climate entrepreneurship. Such candidness has helped position her as an authentic voice in an industry sometimes accused of greenwashing – she brings credibility by coupling technical data (validated trial results) with a genuine passion for change.

Gilpin’s growing stature is also part of SGS’s strategy. The company’s strategic brief explicitly aimed to “position the founder as [an] industry spokesperson” to build trust with investors and customers. Indeed, having a knowledgeable and charismatic leader front and centre has won SGS invitations to high-profile initiatives. For example, Gilpin’s nomination for the Earthshot Prize brought global attention, and she has been involved in the International Windship Association and other coalitions advocating for wind propulsion. The founder’s public presence and networking likely contributed to securing letters of support and partnerships (e.g. with Shell, Ultrabulk as noted).

In summary, Diane Gilpin’s profile – a combination of technical expertise, advocacy for sustainability, and relatable leadership – has become a valuable asset for Smart Green Shipping. She embodies the company’s story, from a bold idea (“Why not use 21st-century wind power on ships?”) to a tangible solution that challenges the status quo. As SGS moves into fundraising for growth, Gilpin’s credibility and media savvy are expected to help instil confidence in investors that this is not just a science project, but a viable business led by someone who deeply understands both the climate mission and the maritime industry’s needs.

Technology and Intellectual Property

Smart Green Shipping’s solution stack consists of novel hardware and software, underpinned by proprietary design and intellectual property. The core technology is the FastRig wingsail – effectively a modernised sail for ships that uses aerospace principles and automation.

The FastRig is a rigid-wing sail made of lightweight materials (an aluminium frame with composite elements) and is autonomous in operation. Unlike traditional soft sails, FastRig’s airfoil shape and internal mechanics allow it to auto-trim (rotate) to catch optimal wind and to feather or stow when wind assist is not beneficial or during bad weather. It can be lowered flat on the deck or erected in minutes, enabling “easy on, easy off” installation even in a port quayside.

This design is unique in that it addresses several technical pain points: it avoids the need for permanent structural modifications to the ship (no need for reinforced masts or deep foundations, thanks to its lightweight structure); it doesn’t rely on electrically powered fans or high-speed rotation (unlike rotor sails), meaning zero auxiliary energy consumption and simpler maintenance; and it includes built-in safety features like collision sensors and a dedicated navigation radar on the sail to maintain visibility and awareness even with a large wing present.

SGS has emphasised that many components of FastRig are off-the-shelf parts used in innovative ways, which eases the certification and repair process (e.g. hydraulic actuators, control systems that have proven reliability in other industries).

The integration of these elements is novel enough that SGS is expected to secure patents on aspects of FastRig’s design and installation mechanism. For instance, the quick-release base and hinge system that allows the sail to be craned on/off a deck in a single day is likely proprietary. (The company has not publicly disclosed patent numbers, but competitor filings suggest protection of wing sail innovations is common in this sector.)

On the software side, FastRoute is SGS’s digital intellectual property. Developed over five years in collaboration with the University of Southampton’s maritime engineering group, FastRoute is an AI-based routing and performance prediction tool. It combines high-resolution meteorological data, ship hydrodynamics, and FastRig’s aerodynamic models to simulate voyages and identify optimal routes and operating profiles. During the Winds of Change trials, FastRoute’s predictions of fuel savings were independently validated by comparing them with the observed data from the Pacific Grebe tests.

The University of Southampton and maritime consultancy Houlder both verified that FastRoute’s modelled savings (e.g., ~20–25% on certain routes) closely matched real outcomes, providing confidence in the tool’s accuracy. FastRoute features a user interface for voyage planning, allowing ship operators to input a ship’s details and receive estimates of fuel use and ETA under various weather scenarios. It essentially acts as a “digital twin” for wind-assisted ships.

This type of software is crucial because it quantifies the value of wind propulsion in financial terms (fuel cost savings, emissions avoided) for customers and even for financiers or insurers. SGS received support from the European Space Agency (ESA) Business Incubation Centre to develop early versions of FastRoute, leveraging satellite data for wind forecasting.

The company likely has trade secrets or copyrighted algorithms within FastRoute, and potentially holds patents related to the integration of live weather data with sail performance models. FastRoute also underpins SGS’s guarantee of performance to clients – by predicting savings, SGS can structure contracts (such as leasing rates or savings-based fees) in its Wind-as-a-Service model.

In terms of formal IP, SGS’s branding and trademarks are another aspect: “Smart Green Shipping”, “FastRig”, “FastRoute”, and “FastReach” are distinctive names that the company uses (and presumably has trademarked) to differentiate its platform approach. The integration of hardware (wingsail), software (routing), and service (leasing/finance) is in itself an innovation in business model rather than a single invention.

As such, while the hardware is the most visible piece of IP, SGS’s competitive moat lies equally in its system integration know-how – i.e., the accumulated data, deployment processes, and lessons from trials that are not easily replicable. For example, the methodologies developed to install and uninstall a FastRig in under 8 hours, or the calibration of the sail’s control algorithms to maritime conditions, are part of SGS’s proprietary expertise.

The company also worked with partners like Humphreys Yacht Design (a specialist naval architect) from 2008 onward to refine wing sail aerodynamics and ship integration. The result was a FastRig concept meeting requirements co-defined by Drax and MOL (minimal impact on cargo operations, port compatibility). The outcome of these collaborations is likely to be jointly owned IP or, at the very least, exclusive design rights that SGS controls for its products.

In summary, Smart Green Shipping holds a combination of tangible IP (technology designs) and intangible IP (data and processes). The FastRig’s inventive elements set it apart from older sailing systems, addressing modern shipping constraints, and FastRoute provides a data-driven competitive edge by quantifying performance. As the company moves to commercialisation, protecting this IP – through patents, trademarks, and confidentiality – will be important, especially as more players enter the wind propulsion market.

So far, SGS’s advantage lies in its first-mover learning in retrofitting a complex ship and a validated end-to-end solution. This gives it a head start and credibility, which are as valuable as formal patents in convincing industry customers. It also means SGS could pursue licensing or co-development deals in the future (for instance, allowing a major shipyard to produce FastRigs under license) if it chooses. Still, for now, the focus is on owning and delivering the full solution in-house to ensure quality and performance as the product gains a reputation.

Customer Adoption and Pipeline

As of mid-2025, Smart Green Shipping’s customer base comprises early adopters and pilot project partners, with indications of a growing sales pipeline. The first “customer” deployments are the collaborative projects with Drax and MOL, which essentially double as both investors and customers. Drax’s planned FastRig installation will serve as the inaugural commercial use-case – in effect, Drax is a cargo owner/charterer demonstrating the technology on one of its routes.

This is a slightly atypical route to market, since traditionally one might expect a shipowner or operator to be the direct client. However, in the decarbonisation era, cargo owners are increasingly driving innovation by demanding greener shipping for their products (e.g. Amazon, IKEA, and others have formed cargo alliances for zero-carbon shipping). Drax fits this mould by funding and trialling wind assist to reduce emissions from transporting biomass fuel.

The success of the Drax pilot is likely to spur interest from other bulk commodity firms, such as mining companies (BHP, Rio Tinto) or agribulk traders (Cargill, ADM), which ship millions of tons annually and have set CO₂ reduction goals. Indeed, Cargill has already trialled rival WindWings technology on one of its chartered ships with positive results, indicating that if SGS can prove similar benefits, large charterers will be willing to adopt FastRig for their vessels. SGS’s outreach to such customers is evidenced by the letters of intent/support mentioned (such as Shell and Ultrabulk) and by its involvement in forums where cargo owners are present.

For traditional shipowners and operators, the value proposition of FastRig is fuel savings and regulatory compliance. This translates to a competitive advantage in an industry where fuel is ~50% of operating costs and new carbon intensity rules penalise inefficient ships. Mitsui O.S.K. Lines (MOL), as a top-tier shipowner, signals confidence in FastRig by investing and planning to install it on some of its dry bulk carriers. MOL Drybulk’s partnership with SGS began as far back as 2018 with an MoU with Drax to explore wind propulsion on transpacific biomass routes.

It’s anticipated that once the FastRig is fully proven on one ship, MOL could scale up deployment across additional ships in its fleet, especially since MOL has publicly stated it is investing in numerous wind-assist technologies and already operates some vessels with competing rotor sail and complex sail systems. Another potential customer segment is specialised ship operators – for example, Nuclear Transport Solutions (NTS), which collaborated in the Pacific Grebe trial, might adopt FastRigs on its other ships if the prosecution demonstrates operational benefits without compromising safety. NTS engaged deeply in the project (conducting hazard analyses, etc.), indicating they see long-term value if it meets their strict requirements.

Considering broader adoption, SGS has forecasted aggressive growth (69 rigs by 2028, as mentioned), which likely assumes the conversion of several pipeline opportunities. These could include: short-sea shipping companies in Europe (e.g. ferry or ro-ro operators looking to cut fuel costs), small-to-mid size bulker owners (who may use wind assist to improve charter attractiveness of their ships under carbon rating schemes), and potentially tanker owners (since wind can also save fuel on tankers – e.g. Maersk Tankers’ deal with bound4blue shows tanker interest).

An interesting angle is that SGS’s FastRoute software can identify which ships on which routes get the best ROI from a FastRig. During the sales process, SGS can run an analysis for a prospective customer’s fleet and pinpoint, for example, the top 10% of voyages where wind assist yields significant savings. This data-driven approach likely helps convert interest into actual orders by providing evidence of value for each client’s case.

In terms of case studies, beyond the headline trials, SGS has accumulated a few smaller demonstrations. Before the full-scale FastRig, SGS built a sub-scale land-based test rig at Hunterston. While not a customer deployment, it served as a proof-of-concept that earned local support and publicity (with government officials attending the unveiling).

This kind of showcase often generates inbound inquiries. SGS also participated in feasibility studies like a transatlantic wind propulsion study with Minesto and Lloyd’s Register in earlier years, and contributed to EU-funded projects on wind energy in shipping (leveraging Diane Gilpin’s connections in industry working groups).

These efforts help create a knowledge base and credibility that attract customers. Another example: in 2018–2019, SGS and Drax ran simulations on a specific Drax-chartered ship route (UK–US) and showed that at least 20% fuel savings were possible with FastRig. That early analysis, essentially a virtual case study, was instrumental in securing Drax's funding for actual trials.

It demonstrates SGS’s approach of using data to build the business case first, then implementing hardware – a strategy that likely will be repeated for new clients (model their route in FastRoute, present the potential savings and payback, then propose a pilot installation).

In summary, customer adoption for Smart Green Shipping is at an inflexion point: the company is transitioning from single-vessel demonstrators to multi-ship commercial deals. Early adopters (Drax, MOL) de-risked the tech and lent industry validation.

The next wave of customers will probably come from those who have been watching these pilots – other bulk commodity shippers, and shipowners with ageing fleets that need efficiency upgrades to stay compliant and profitable. Given that SGS’s FastRig can be installed and removed relatively easily, some customers might first trial it on a ship for a year (through a FastReach leasing contract) and then decide on fleet rollout. The pipeline thus might involve several short-term trials or charters as a precursor to long-term contracts.

Notably, Smart Green Shipping’s value proposition is not limited by geography – any trade route with sufficient wind (and there are many: Atlantic, Pacific, Indian Ocean, etc.) is a target. With heightened awareness of wind propulsion’s viability (thanks to the collective success of companies in this space), SGS is well-positioned to convert interest into adoption, provided it can finance the production and delivery of its systems at scale.

Investor Landscape and Potential Series A Partners

For its upcoming £10 million Series A round, Smart Green Shipping is likely to attract interest from both venture capital firms specialising in climate technology and strategic investors in the maritime and energy sectors. The ideal investors will be those who understand the long-term potential of maritime decarbonisation and are comfortable with hardware-centric, deep-tech ventures. In the UK, several VC funds and corporate venture arms fit this profile:

Clean Growth Fund (CGF) – A UK-based VC fund backed by the UK government and private sector, focused on early-stage clean tech. CGF invests in companies that deliver carbon reductions in the energy and transportation sectors. FastRig’s demonstrated 30–40% emissions reduction in shipping aligns strongly with CGF’s mandate. Additionally, SGS’s UK base and the potential to create green jobs in manufacturing could make it an attractive investment opportunity for CGF.
Kiko Ventures – An environmental tech investment platform (spun out of IP Group) known for funding climate hardware and deep science startups. Kiko Ventures employs a long-term capital approach, investing in sectors such as renewable energy and advanced materials. They could see SGS as a breakthrough in the hard-to-abate transport sector, leveraging their experience in scaling up cleantech manufacturing. Kiko’s network with university innovation (e.g. University of Southampton’s involvement) might also align.
Systemiq Capital – A London-headquartered climate-tech VC that invests in companies with systemic impact on climate change. Systemiq has an interest in the decarbonisation of heavy industry and transport, and it often co-invests with large industrial corporates. They could bring expertise in guiding mission-driven startups and potentially introduce strategic partners in the shipping and logistics sector.
OGCI Climate Investments – Although a global fund, OGCI’s investment team is primarily based in the UK (OGCI is the Oil & Gas Climate Initiative’s $ 1 billion+ fund for low-carbon solutions). OGCI has already invested in wind propulsion – it was a backer of Norsepower (rotor sails) – which signals a clear interest in this space. For SGS, OGCI could be an ideal investor as it brings not only capital but connections to major oil & gas companies (many of whom operate shipping fleets and could become customers). OGCI’s focus is on scalable technologies that significantly reduce emissions, aligning with SGS’s profile.
Shell Ventures and BP Ventures – These are the venture arms of Shell plc and BP plc, respectively, both headquartered in the UK. They invest in clean energy, mobility, and carbon reduction technologies. Shell, in particular, has shown interest in maritime decarbonisation (it has piloted rotor sails and funded LNG and hydrogen shipping projects), and notably, Shell has given a support letter to SGS. An equity stake by Shell Ventures could complement that support, giving Shell a seat at the table as wind assist is scaled, and providing SGS with a robust validation and possibly pilot opportunities on Shell-chartered ships. BP Ventures may similarly view wind propulsion as part of the portfolio of decarbonization solutions they invest in (alongside biofuels, etc.), especially given BP Shipping’s fleet and the company’s net-zero commitments.
Maritime Strategic Investors: Apart from VC funds, shipping companies or shipbuilders could invest strategically. For example, Maersk Growth (the VC arm of A.P. Moller-Maersk, albeit based in Denmark) has invested in various marine tech startups and could see value in wind propulsion to help Maersk’s own decarbonisation goals. While not UK-based, Maersk Growth’s participation would be a strong strategic fit. From the UK side, Lloyd’s Register (the maritime classification society) has an investment fund (LR’s Maritime Decarbonisation Fund) aimed at supporting new technologies – LR might not lead a round but could contribute or facilitate (LR was involved in validating SGS’s trials, which establishes a relationship). Babcock or Rolls-Royce (UK engineering firms in marine) might also be interested in a strategic partnership/investment if they see synergies in manufacturing or servicing such technology.
Climate Impact Funds and Family Offices: Funds like Breakthrough Energy Ventures (Bill Gates’ fund) or Amazon’s Climate Pledge Fund are global, but SGS could be considered due to its clear climate impact. In the UK context, high-net-worth investors or family offices with a green mandate – for example, Eccles Investment (Springboard) or the Grantham environmental funds – might join the cap table for their impact portfolios.

The table below lists some potential investors and partners for SGS’s Series A, along with their focus and rationale:

Potential Investor/Partner Type Focus & Fit for SGS Clean Growth Fund (UK) VC fund (Public-Private) Invests in UK clean energy/transport solutions. Could provide growth capital and government-backed credibility for a UK cleantech like SGS.

Kiko Ventures (UK) VC fund (Cleantech) Focus on climate innovation and hardware scale-up. Strategic guidance for manufacturing and IP, plus a patient capital approach, fits hardware timelines.

Systemiq Capital (UK) VC fund (Climate) targets high-impact climate solutions, connecting SGS to global industry partners and facilitating follow-on funding.

OGCI Climate Investments (UK) Corporate VC consortium Backed by oil & gas majors; already invested in wind propulsion (Norsepower). Brings industry connections (shipping divisions of oil majors) and significant funding capacity.

Shell Ventures (UK/NL) Corporate VC (Energy) Looking for technologies to decarbonise shipping (Shell charters ~200 vessels). Shell’s involvement could lead to pilot installations on tankers/LNG carriers, leveraging Shell’s maritime expertise.

BP Ventures (UK) Corporate VC (Energy) Similarly interested in maritime emissions reduction; could integrate SGS tech into BP’s operated fleet or support trials for BP-chartered ships transporting oil/products.

Scottish National Investment Bank (SNIB) Impact Investor (Public) Focused on Scotland’s net-zero and innovation goals. Since SGS is headquartered in Scotland and contributes to the creation of green jobs, SNIB could consider co-investing to enhance the regional economic impact.

Maersk Growth (Denmark) Corporate VC (Shipping) World’s largest shipping company’s VC arm. A strategic investor that could open doors to fleet-wide adoption if SGS proves itself, although not UK-based, it’s a key maritime player.

Lloyd’s Register – Maritime Decarbonisation Investment (UK) Strategic/Impact (Maritime): LR might support via grants or small equity investments to promote the technology it has validated. Their involvement would reassure other investors on the technical robustness and class approval process.

Breakthrough Energy Ventures (USA) or Amazon Climate Fund (USA) VC/Corp (Climate Impact) Large funds seeking gigaton-scale emissions reductions. Shipping decarbonisation is a significant lever; if SGS can scale globally, it aligns with the profile. While not UK-based, they often syndicate with UK funds for promising deals.

Potential Series A Investors and Partners for Smart Green Shipping.

These range from dedicated climate-tech VCs to strategic corporate investors in the maritime and energy industries. A successful £10M round may involve a lead investor with a deep focus on climate (e.g., Clean Growth Fund or Systemiq) and one or two strategic co-investors (e.g., OGCI, Shell), who provide industry validation and follow-on capital.

It’s noteworthy that Smart Green Shipping has already drawn strategic investment from MOL Drybulk and support from Drax, which sets a precedent for blending venture funding with industry partnership. The Series A will likely continue this pattern: for example, a scenario could be a climate tech VC leading, with participation from one shipping industry player (perhaps another shipowner or a large charterer) and maybe a governmental green fund. Given the UK government’s interest in maritime decarbonisation (through grants like CMDC), a publicly-supported investor like SNIB or even Innovate UK’s investment wing (UKI2S) could align with the raise to de-risk it for private VCs.

In conclusion, Smart Green Shipping stands at a crossroads of technological promise and commercial scaling, requiring savvy investors who not only provide capital but also contribute networks and sector knowledge.

The company’s clear alignment with ESG objectives, proven pilot success, and platform approach (hardware, software, and service) make it an attractive candidate for investors looking at the intersection of climate impact and industrial innovation. With the right consortium of investors, a £10M Series A would enable SGS to expand its team, set up production for FastRigs (potentially building multiple units concurrently), and deploy its technology on several customer ships – thereby accelerating the shipping industry’s voyage toward a greener horizon.

Sources:

Smart Green Shipping strategic brief (company background, differentiation)
Smart Green Shipping official website – FastRig product page and trial results
SGS Press Release (May 29, 2025): “FastRig and FastRoute Validated by Success of Sea Trials”
TradeWinds via SGS Press (July 2, 2025): Drax agreement to install FastRig on chartered vessel
Scottish Development Intl. (July 2024): “Smart Green Shipping secures investment for energy transition vision” (MOL Drybulk investment, grants)
Drax Press Release (Oct 22, 2024): “Drax provides £1m funding for Smart Green Shipping project”
Maddyness UK interview – Diane Gilpin Q&A (Sept 12, 2023)
Norsepower funding news – Tech.eu (July 22, 2025)
Lloyd’s Register and Anemoi rotor sail test results (July 2025)
Maritime Executive – Anemoi opens China rotor sail factory (Jul 8, 2025)
Offshore Energy – Cargill/BAR Tech WindWings results (Mar 2024)
Riviera Maritime – Airseas Seawing acquisition by K Line (Nov 2022)
Manifold Times – bound4blue funding release (Sept 11, 2023)
Smart Green Shipping “Our Story” page (company vision, supporters, timeline)