NEW YORK: VELA, a pioneering French company innovating in 100% wind-powered maritime transport, is proud to announce a significant funding round of €40 million ($43 million USD)—a round led by Crédit Mutuel Impact, 11th Hour Racing & BPI – French Public Investment Bank.

“This major fundraising marks a key step in VELA’s development. We are proud to have brought together such a high-quality panel of Franco-American partners who share our ambition to make transport more sustainable, underlining the importance of our transatlantic vision,” said Michael Fernandez-Ferri, Managing Director and Chairman of VELA.

“Together, we are entering a new era where capital serves the green revolution. This sailing cargo trimaran symbolizes our vision of a world combining innovation, sustainability, and humanity. We warmly thank our financial partners for their trust and support.”

This strategic financing will allow VELA to take a significant new step in its development by officially launching the building of its first vessel with the Australian shipyard, Austal, and strengthening its sales and operations teams in France and the United States.

Sabine Schimel, Managing Director at Crédit Mutuel Impact said “The financing of the blue economy, and more specifically of the decarbonization of the maritime sector, is a major priority of the Environmental and Solidarity Revolution Fund. We are very proud to back the cofounders of VELA in building this first sailing cargo trimaran and contributing to the emergence of such a French technology field of excellence.”

Jeremy Pochman, CEO and Co-Founder of 11th Hour Racing said “At 11th Hour Racing, we are deeply committed to advancing sustainable solutions that transform industries and protect our ocean. This investment in VELA as an innovative, sail-based shipping technology perfectly aligns with our mission of reducing carbon emissions and improving efficiency in global supply chains. We are proud to be joining forces with a solid founding team led by world-class sailor François Gabart. We believe that our collaboration and innovation can pave the way together for a more sustainable future for both the maritime sector and our planet.”

Jean-Marie Fougeray, Investment Director at Bpifrance said “With the shipbuilding of the largest sailing cargo trimaran in the world, VELA addresses the major challenge of decarbonizing the maritime sector while offering an innovative, sustainable, and high-quality transportation solution. We are very happy to hold VELA as our first investment for the maritime sector decarbonization fund. This project perfectly aligns with the ambitions of the Climate Plan of Bpifrance and with the thesis of this new fund: foster the decarbonization of maritime freight with complementary partners.”