ShippingWatch

Stena puts half a million dollars in start-up fund

Stena AB has invested half a million dollars in Katapult Ocean Accelerator, which supports entrepreneurs developing technology aimed at making shipping more sustainable.

Photo: Stena Line

Norwegian company Katapult Ocean Accelerator has gotten Sweden's Stena AB on board with a USD 500,000 investment in the company's fund, which supports start-ups developing technology for shipping aimed at ultimately ensuring a more sustainable industry.

The fund will invest in a total of 24 start-ups across the globe, each of which will participate in a three-month program in Oslo to develop their technologies, says Katapult Ocean Accelerator in a press release. Each start-up will receive USD 150,000 in return for a stake in the company.

Maren Hjort Bauer is CEO of the company, and she says Stena's investment is a sign that established maritime companies are also interested in developing start-ups.

"Entrepreneurs in this space need to know that there is a market and an interest for new ideas in the established industry," she says in the press release.

The Stena group has been investing for years and has made various tests to help achieve a more climate-friendly shipping industry. These include sustainable fuels and sailing on batteries.

"The maritime industry will need to innovate at pace over the next years to meet new regulations and expectations – set by ourselves and by policy. Staying close to the start-up community is a great way for us to stay ahead of the curve," says Claes Berglund, Director of Public Affairs and Sustainability at Stena AB.

The Swedish shipping group is not just an investor, it will also support the entrepreneurs when they become part of the accelerator program, providing mentors as well as technical support.

English Edit: Daniel Logan Berg-Munch

Stena earning less and borrowing more 

Stena Line expands route network in the Irish Sea 

More from ShippingWatch

Poseidon Principles set to raise ambitions in coming weeks

The banks in Poseidon Principles are working on the basis of halving CO2 emissions in shipping by 2050. At the same time, some of the same banks are working towards a target of CO2 neutrality by 2050 as part of the Net-Zero Banking Alliance. In a short period of time, Poseidon will reassess its ambition.

"Mixed lobbying" hinders Maersk from elite status on climate efforts

Think tank InfluenceMap has mapped out how well global companies like Unilever, Ikea and Maersk are performing in terms of meeting climate requirements and whether their words match their deeds. Ambiguous communication stands in the way of Maersk reaching the top, the think tank explains to ShippingWatch.

Further reading

Related articles

Trial banner

Latest news

See all jobs