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GT Green Technologies

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Our mission is to deliver game changing wind propulsion solutions to decarbonise global shipping

100%
 - 
Funded 19 Mar 2024
£940,984 target
£976,047 from 552 investors
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Business overview

Location Birkenhead, United Kingdom
Social media
Website www.gtgreentechnologies.com/
Sectors Automotive & Transport Non-Digital B2B
Company number 13705157
Incorporation date 26 Oct 2021
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Investment summary

Type Equity
Valuation (pre-money) £5.5M
Equity offered 14.61%
Share price £46.75
UK tax relief

EIS

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Business highlights

  • Start-up of the Year 2023 at Maritime UK Awards
  • UK Govt backed following recent £3.7m CMDC4 grant award
  • Estimated TAM of $11bn+ by 2030. ~11,000 ships
  • Experienced team building commercial traction with shipowners
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Key features

  • Secondary Market
  • Nominee investment min. £46.75 +
  • Direct investment min. £20,000.00 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 552
  • Discussion
  • Documents

Idea

Introduction

We aim to accelerate the decarbonisation of the global shipping industry via development of the industry's most advanced wind propulsion technologies. Our first product, AirWing™, is an innovative wind propulsion system designed to maximise thrust and fuel savings from a compact unit.

The AirWing™ was devised in response to 3 challenges facing the shipping sector. Firstly, regulation is demanding that the sector quickly reduces fossil fuel emissions. Secondly, alternative fuels have limited market penetration, and remain expensive. Finally, wind propulsion devices that are on the market are typically large and cumbersome.

AirWing™ aims to solve these problems. Our novel AirFlow Technology strategically manipulates air movement within and around the device, enabling us to achieve industry-high thrust and lift coefficients (and therefore fuel savings!). This efficiency means our devices are smaller, ensuring we minimise the effect on vessel cargo operations by using less deck space.

Substantial accomplishments to date

● GT Green is backed by the UK Government with a grant of £3.7M to fund the manufacture and installation of the first AirWing™. This grant, announced in January 2024, follows on from c. £300k grant funding secured in 2023.

● In March 2023 we were awarded Start-up of the Year at the prestigious Maritime UK Awards, and in October that was followed by GT being awarded 'Green Start-up of the Year' at Rotterdam PortXL.

● We have partnered with Carisbrooke Shipping who will be installing our first unit on the 124 metre Vectis 11k vessel, with testing scheduled for late 2024/early 2025. After installation and testing we plan to move on to the commercial rollout of our product, aiming for multiple successful installations in H2 2025.

● Our intention is that the 20 metre unit will be followed by quick rollout of a 30 metre and 40 metre unit to service the majority of the global shipping fleet. We are designing the product in modular sections, providing us with two significant benefits. Firstly, we can scale quickly to bigger units, and secondly, we can ship our AirWing in 40 foot containers, allowing us to deploy and instal on ships anywhere globally.

● We have significant traction with large global ship owners, with several considering placing orders for 2025 deliveries. The market is growing rapidly. Independent studies for the EU estimate that >11,000 ships will employ wind propulsion by 2030 (vs ~35 today!) There is a huge market that is currently underserved, that GT is targeting.

Monetisation strategy

Our target market is ships globally that are immediately suitable for wind propulsion. We have performed performance studies for multiple global ship owners, many of whom are now in discussions about placing orders.

Our intention is to enter into firm sales contracts for multiple 20 metre units in 2024 for delivery in 2025. Following successful installation of these units, we aim to rapidly scale to the 30 metre and 40 metre units best suited to the largest tankers and bulk carriers.

We believe that the economics of the AirWing are highly attractive. Each unit has been designed to achieve full payback in <4 years, whilst also providing ship owners with significant opex and emissions savings over a 25 year life. As such, we are confident in our ability to generate resilient margins for GT as we scale up our manufacturing capacity.

Use of proceeds

Of the total £3.7m CMDC4 project grant, £2.75m is net to GT, of which 70% is funded (requiring GT to contribute ~£825k and the grant ~£1.9m). In addition to our £825k contribution, GT will also have other costs, including those for the development of follow-on products (30m and 40m units), corporate overheads etc.

As such, the £1.1m seed round (alongside our announced grant) will be allocated towards:

(i) the manufacture, installation and testing of our first 20 metre test unit;

(ii) the subsequent commercial roll out of the first manufacturing run of 20 metre units;

(iii) the ongoing design and development of the 30 metre and 40 metre products.

Key Information

Key information investment sheet

Key Investment Information Sheet is available by downloading the following documents:

  • Key Investment Information Sheet [Danish]
  • Key Investment Information Sheet [German]
  • Key Investment Information Sheet [English]
  • Key Investment Information Sheet [Spanish]
  • Key Investment Information Sheet [French]
  • Key Investment Information Sheet [Italian]
  • Key Investment Information Sheet [Dutch]
  • Key Investment Information Sheet [Portuguese]
  • Key Investment Information Sheet [Swedish]

Material Debt:

The Company has the following outstanding debt:

1. A loan from Ruth Thompson with £22,753 outstanding at an interest rate of 0% per annum. This loan will only require repayment once the business has reached a position of profitability.

2. A grant advance loan from Rocking Horse Solutions UK Limited with £76,929 outstanding as of 31/01/24 at an interest rate of 15% per annum. The loan is repaid using proceeds from existing UK grants, and is expected to be fully repaid by June, 2024.

The funds raised from this investment round will not be used to repay these loans.

SEIS Tax Relief

Please note that the Company has £70,000 left of their SEIS allocation. £1,000,000 of the investment reflected in the campaign is not eligible for SEIS, so investments up to £1,070,000 in this round are expected to be eligible for SEIS tax relief on a first-come, first-serve basis. The investments made after £1,070,000 has been reached are expected to be EIS eligible.

Tax treatment depends on individual circumstances and is subject to change in the future.

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This campaign for GT Green Technologies has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 6 February 2024 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £5,499,997

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It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

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