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 

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