Ceca Magán and Eversheds Sutherland advise on bound4blue’s €15.9M financing round

Ceca Magán Abogados and Eversheds Sutherland have advised on bound4blue’s €15.9M financing round. Ceca Magán Abogados has advised bound4blue and Evershed Sutherland has counseled the European Innovation Counsil (EIC).

Bound4blue, the Spanish company of wind-assisted propulsion systems for maritime transport, have closed a Series A financing round of €15.9 million led by GTT Strategic Ventures, with the participation of EIC Fund (European Innovation Council), Shift4Good, Louis Dreyfus Company Ventures, Sustainable Ocean Alliance, Sun Returns, Kai Capital, as well as existing shareholders, including the Ocean Born Foundation and CDTI (Centro para el Desarrollo Tecnológico Industrial) through the co-investment initiative of the Innvierte program.

This funding is further complemented by a €4.1 million grant from the Innovation Fund Program, awarded by CINEA (European Climate, Infrastructure, and Environment Executive Agency) in 2022, and an additional €2.4 million grant previously awarded in 2021 by the EIC Accelerator Program, bringing total funding to €22.4 million. The EIC Fund operates within the EIC’s mandate to identify and support high-impact innovations within the European Union. Its support for bound4blue reflects a strategic decision to contribute to the success of the European maritime transport decarbonization strategy, reaffirming its first commitment to the grant component.

The funds raised will be used to help the company implement its innovative suction sail system (eSAIL®), as well as to increase capacity to meet the demand for emission-free propulsion solutions in shipping. With this financing, the company will achieve its next milestones, securing a leading position in the global wind-assisted propulsion sector and facilitating strategic advancements that include expanding the company’s production capabilities and strengthening its team.

The law firm Ceca Magán has advised bound4blue in this financing round, accompanied by the partner of the M&A area, Miguel Lobón, and with the participation of members of his team, Diego Gómez and Borja Pellejero.

Leading the Eversheds-Sutherland team in Spain were Sixto de la Calle Peral, head of private equity, and María Ramalle Quiñones, legal director of the corporate M&A Area.

In line with the long-term collaboration agreement between Eversheds Sutherland and the European Innovation Council Fund (EIC Fund), with the European Investment Bank (EIB) acting as investment advisor to the fund, they advised the EIC Fund in a recent strategic investment in a Spanish company selected amongst 21 European jurisdictions as part of the EIC Accelerator Program. The EIC Accelerator Program aims to identify and support high-impact innovative companies within the European Union.

Julia Gil