International. Graphite Innovation & Technologies (GIT), a sustainable coatings company that is transforming the shipping industry, announces the successful closing of its C$10 million Series A funding round.
The round was led by BDC Capital's Climate Technology Fund, in collaboration with a global syndicate of climate, ocean and maritime investors, including Seventure Partners' Blue Forward Fund (France), Stolt Ventures (UK), Stolt-Nielsen's investment arm, Farvatn Ventures (Norway), Melancthon Capital (Canada), Invest Nova Scotia (Canada) and other new and existing investors.
"The global shipping industry has a double challenge. It must meet the transport demand for goods and people, while radically reducing its GHG emissions," said GIT Director General Mo AlGermozi.
"GIT is driving the marine sector towards its sustainability goals and this investment will help us reach more customers around the world. Our eco-friendly marine coatings increase hull and propeller efficiency, resulting in significant fuel savings and GHG emission reductions relative to existing coatings," continued AlGermozi.
The International Maritime Organization (IMO), which is responsible for the safety and security of shipping and the prevention of marine and air pollution from ships, has set itself the goal of significantly reducing GHG emissions by 2040, as the industry contributes ~3% of global GHGs.
According to a new report by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (coZEV), for the global shipping industry to meet its industrial targets, it must reduce GHG emissions by 45% by 2030 (up from 2010 levels) and achieve net zero by 2050.
With ~100,000 commercial vessels consuming ~300 million tonnes of bunker fuel per year, the decarbonisation of the maritime industry will require a systemic transformation across the industry.
GIT is well positioned to help drive the marine sector forward and support sustainability changes around the world. Its eco-friendly graphene-based marine coatings help vessel owners and operators increase fuel efficiency, reduce drag and optimize hydrodynamics and overall vessel performance.
It also helps boat owners score higher on its Carbon Intensity Index (CII), a critical measure of energy efficiency and emissions per vessel, which recently came into effect in January 2023.
GIT coatings do not contain biocides, nor silicone oils, and therefore do not leach toxins or microplastics into the oceans, unlike traditional marine coatings currently available on the market.
"The commitment to sustainable shipping has never been greater. Global shipping companies have set aggressive climate targets, and industry bodies such as IMO, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, Sustainable Shipping Initiative and Cargo Owners for Zero Emission Vessels are working together to increase collective ambition and drive adoption. of climate-friendly shipping solutions," AlGermozi said.
"GIT's coating technology can act as a force multiplier, improving the return on investment of other energy efficiency and sustainable shipping solutions emerging in the market," AlGermozi added.
The Series A funds will be used to expand production capacity for GIT's sustainable marine coatings, grow its global customer base, invest in the development of next-generation coatings, and create strategic partnerships to accelerate commercialization.
