Scottish wind-as-a-service provider Smart Green Shipping (SGS) is closing its current funding round. The work is being managed by Aberdeen-based investment bank, Piper Sandler, as commercial shipping looks for practical, near-term solutions to cut fuel consumption and emissions. The round has attracted interest from both existing and new investors, reflecting growing confidence in wind-assisted propulsion as a viable tool for decarbonising large parts of the global fleet.
The company has already demonstrated its FastRig wingsail technology, combined with its digitally verified performance platform FastRoute. The combination is designed to reduce risk for shipowners by guaranteeing fuel savings and enabling straightforward retrofitting. Extensive sea trials have been conducted in UK waters. The company says tens of thousands of general cargo vessels, bulk carriers and tankers are potentially suited to wind propulsion. SGS is positioning itself to scale rapidly as regulatory pressure and fuel costs continue to rise.
Strategic maritime investors
SGS, which develops and leases wind propulsion systems to the global maritime sector, is nearing completion of its latest financing round, with Piper Sandler acting as lead adviser. Existing investors include Scottish Enterprise, Future Planet Capital and Mitsui OSK Lines (MOL), the world’s second-largest shipowner. MOL is considering participating as a follow-on investor alongside new backers joining the round.
The company’s founder and CEO, Di Gilpin, told WorldCargo News that the level of interest reflects a growing view among shipowners. She said that “wind-assisted propulsion represents a ‘no-regrets’ investment, capable of reducing fuel consumption and operating costs across vessels using both conventional and alternative fuels, while limiting exposure to environmental levies and emissions-related taxation”.
“Guaranteed performance”
At the centre of SGS’s offer is its FastRig wingsail system, which has been designed to be stowable and to automatically align with prevailing wind conditions to maximise fuel savings. The system is lightweight and engineered for relatively simple installation and removal, providing operators with flexibility across different trades and charter profiles. During 2025, SGS verified its proprietary digital fuel-saving prediction tool, FastRoute, through real-world sea trials.
According to the company, this allows it to guarantee fuel-saving performance — a feature that sets it apart from many competing wind-assist technology providers and helps de-risk early adoption. FastRoute enables SGS to model a vessel’s digital twin and operate it in a virtual environment using historical meteorological and operational data spanning multiple years, producing statistically robust and independently validated fuel-saving forecasts.
Global retrofit potential
The development of FastRig has drawn on Scotland’s wider industrial ecosystem, combining engineering expertise transferred from the oil and gas sector, offshore and onshore wind industries, and the country’s long-established maritime sector. Manufacturing and remanufacturing processes are supported by collaboration with the National Manufacturing Institute of Scotland.
FastRigs are manufactured and leased under Smart Green Shipping’s circular economy-based business model, which the company says can deliver returns of up to 2.5 times those achieved through traditional capital equipment sales.
Export markets explored
According to the UK Department for Transport, around 40,000 general cargo vessels, dry bulk carriers and tankers could be suitable for wind propulsion systems. The International Windship Association estimates that up to one per cent of global emissions could be eliminated if all ships capable of using wind propulsion adopted the technology.
SGS’s management team will visit Singapore and Japan in February. The intention is to discuss potential commercial installations with shipowners and to meet existing investors and industry partners, supported by Scottish Development International.