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Tuesday, June 28, 2022

Copenhagen/Faroe Islands-based GreenSteam raises $2 million for Ship Energy Saving System

Faroe Islands and Copenhagen-based GreenSteam is sailing through clear waters after now raising $2 million from Castrol Innoventures, with an additional $1 million option open for Castrol to invest in the next 18 months. The company provides advanced fuel savings for ships through a number of sensors that can reduce fuel consumption of a ship up to 5%, which is huge savings for these shipping companies Finnish company Eniram also provides a similar solution, however GreenSteam claims to provide data of a much higher frequency and quality than their competitors. Previous investors are Faroese funds Framtak, Royndin, and Birting. The company has raised a total of $3 million with this investment.

The company was founded by three engineers from the University of Denmark and the University of the Faroe Islands in 2006. Their solution picks up changing external conditions like load, rudder operation, waves, wind, and water depth and analyzes them under machine learning algorithms.

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The GreenSteam Optimizer consists of two small GreenSteam radars to be installed in the bridge wings, as well as a console with a touch screen. This console connects to various vessel sensors (such as the wind sensor and fuel flow meters) and the radars. The software automatically recommends new settings to the ship’s trim and draft in order to minimize propeller resistance. Additionally, the vessel’s and each mariner’s performance can be monitored remotely through an online browser-based tool called GreenSteam Manager.

“Shipping is the primary means of transport in our globalised economy, considering that 80 per cent of the world trade is over the sea, fuel efficiency and savings are of strategic importance, not only for marine operators, but also for their environmental impact. By partnering with GreenSteam we aim to bring the benefits of their solutions to our customers and to the public”, said John Carey, VP of Marine, Aviation, Energy and Industrial at Castrol.

Castrol innoVentures is the separate investment arm by BP-owned Castrol oil.

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