The round was led by SWEN Blue Ocean with participation from ARDEV and DeepIE Ventures.
BlueNav, the first French developer of hybrid engines solutions for boats announces it has raised €1.3 million in seed funding. This round heralds the preparation of an upcoming Series A.
SWEN Capital Partners is a leading player in responsible investment in unlisted assets in Europe, with €6.9 billion under management. Blue Ocean is SWEN's venture capital fund investing in innovations that help regenerate ocean health, hence contributing to achieve SDG14. The team backs startups that deliver both systemic impact and competitive market returns. Priorities include solutions to overfishing, ocean pollution and climate change.
A global market expanding at a full-throttled pace
The market for electric mobility on water is growing rapidly and is estimated to reach a $16.6 billion valuation worldwide in 2031 (from $5 billion in 2021). Despite few new regulations, boat users are becoming more and more sensitive to the environmental impact of their practice. Access to clean and silent propulsion, that is also reliable, and maintains high performance has never been of greater importance. This round of funding will enable BlueNav to further expand its commercial reach, reinforcing the company as the prime manufacturer of hybrid solutions for the boat industry.
BlueNav’s hybridization solution against noise and underwater pollution
Coastal areas and inland waters are profuse nests for marine ecosystems. Yet they are severely negatively impacted by the boating industry in terms of:
Noise pollution and other pollutants
BlueNav’s solution has the potential to reduce the impact of all three of these issues. Plus, hybrid systems have the potential to be more easily adopted on boats where full electrification is not technically feasible yet, hence encouraging larger and faster adoption of clean solutions.
Founded in 2020, BlueNav develops innovative and ecological motorization solutions that converts any small to medium sized boat, normally propelled by combustion engines, into a hybrid electric boat. The technology – named BlueSpin – is a powerful electric engine that is foldable, compact and light, thrusts at 360 degrees, and can be installed in both newbuild boats and as a retrofit option.
BlueSpin is connected to an integrated navigation system that allows energy optimization scenarios when using the engines (”eco-piloting”). BlueSpin allows the user to keep the advantages of the original combustion engine on hand, while availing of the clean and silent navigation provided by the electric engine. All this, without having to modify the essential elements of the boat's structure. It exists in several propulsion ranges (from 15 to 50kW) and is available in 3 integrations to fit all types of boats.
“BlueSpin offers a progressive and transitional approach to boat electrification. It is often installed as a secondary propulsion, to become soon the primary system leaving the louder combustion engine for occasional quicker moves or batteries emptiness. Our ambition is to participate in the evolution of boating for a better future, We bring a concrete response to the challenges of energy transition in the industry by providing an alternative solution both for manufacturers and refit professionals," said Hervé Frouin, founder of BlueNav.