Wind-assisted propulsion firm Bound4Blue has secured $44 million in investor funding to scale the technology for shipping.

The funding has been backed by maritime corporations, ship-owning families, climate-focused investors and government capital, Bound4Blue said in an emailed statement on Tuesday.

Bound4Blue added that the firm has installed its wind propulsion technology on seven ships, with a further 12 ships scheduled to be fitted with the technology.

The round was led by OCTAVE Capital, an investment platform affiliated with major shipowner IMC, and Katapult Ocean.

“The round brings together new investors including Motion Ventures, Odfjell family office and ReOcean Fund – led by the Prince Albert II of Monaco Foundation and Monaco Asset Management – alongside existing investors Shift4Good, GTT Strategic Ventures, KAI Capital and CDTI (Innvierte SICC), who strengthened their commitment to the company,” the firm said.

“This funding enables us to expand capacity, accelerate our growth roadmap and advance new developments that will elevate both the technology and our services to the next level,” Jose Miguel Bermudez, CEO & Co-Founder of Bound4blue, said.