GIT Raises $10 Million Series A to Decarbonize Global Marine Shipping Industry
Thursday, April 13, 2023
Nova Scotia’s sustainable coatings company, Graphite Innovation & Technologies (GIT), has closed a $10 million Series A financing round to scale-up to help the shipping industry transition towards net-zero emissions.
GIT develops graphene-based, eco-friendly marine coatings that increase hull and propeller efficiency, delivering significant fuel savings and GHG-emission reductions relative to existing coatings on the market. Plus, GIT’s coatings do not leach toxins or microplastics into the ocean, and they absorb underwater noise, reducing stress on sensitive marine life.
Invest Nova Scotia invested $2.5 million in this round, having previously invested $500K in the company since 2018.
The latest round was led by BDC Capital’s ClimateTech Fund. Other investors include Seventure Partners’ Blue Forward Fund (France), Stolt Ventures (UK), the investment arm of Stolt-Nielsen, Farvatn Ventures (Norway) and Melancthon Capital (Canada).
The funds will be used to expand GIT’s production capacity, develop the next generation of coatings, and build strategic partnerships to accelerate commercialization.
In addition to benefiting from Invest Nova Scotia’s acceleration programs, export development services and expertise, and venture capital fund, GIT calls The Bays at Invest Nova Scotia home.
The Series A round will help GIT reach even more customers around the globe, propelling the marine sector towards its sustainability goals. Congratulations to CEO and co-founder, Mo AlGermozi, and the rest of the GIT team on this financing milestone.