GIT Raises CAD$10M Series A to Decarbonize Marine Shipping Globally

Graphite Innovation & Technologies Inc. (GIT) has announced the successful closing of its CAD$10 million Series A financing round. The round was led by BDC Capital’s Climate Tech Fund, in collaboration with a global syndicate of climate, ocean and maritime investors including Seventure Partners’ Blue Forward Fund (France), Stolt Ventures (UK), the investment arm of Stolt-Nielsen, Farvatn Ventures (Norway), Melancthon Capital (Canada), Invest Nova Scotia (Canada), and other new and existing investors.

“The global shipping industry has a dual challenge. It must meet the demand to transport goods and people, while radically reducing its GHG emissions,” said GIT’s CEO, Mo AlGermozi. “GIT is propelling the marine sector forward towards its sustainably goals and this investment will help us reach even more customers around the globe. Our eco-friendly marine coatings increase hull and propeller efficiency, delivering significant fuel savings and GHG emissions reductions relative to existing coatings.”

The International Maritime Organization (IMO), which is responsible for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships, has set a target of significantly reduce GHG emissions by 2040 as the industry contributes ~3% of global GHG emissions. According to a new report by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, for the global shipping industry to meet its industry targets, it must reduce GHG emissions by 45% in 2030 (vs. 2010 levels) and achieve net zero by 2050. With ~100,000 commercial vessels consuming ~300 million tons of bunker fuel per year, decarbonizing the maritime industry will require systemic industry-wide transformation.

The Series A funds will be used to expand production capacity of GIT’s sustainable marine coatings, grow its global customer base, invest in the development of next generation coatings, and build strategic partnerships to accelerate commercialization.