Castrol innoVentures support Marine with GreenSteam™ investment

Posted on 17th January 2014

Last week we announced Castrol innoVentures agreement to invest $2million in GreenSteam™, a technology company specialising in energy saving solutions for commercial vessels.

Founded in 2006, GreenSteam™ develops advanced fuel saving systems that provide a reduction in the energy consumption of a ship of up to five per cent. Its on-board solution, GreenSteam Optimizer, continuously collects a multitude of sensor readings – with data being of a much higher frequency and quality than, for example, what is obtained through so-called ‘noon reporting’.

“Shipping is the primary means of transport in our globalised economy, considering that 80 per cent of the world trade is over the sea, fuel efficiency and savings are of strategic importance, not only for marine operators, but also for their environmental impact. By partnering with GreenSteam™ we aim to bring the benefits of their solutions to our customers and to the public”, said John Carey, VP of Marine, Aviation, Energy and Industrial at Castrol.

“We firmly believe that companies such as GreenSteam™ are an important part of our own future, as we know that fuel efficiency can be improved by digital technologies and understanding their application informs how we develop our products.”

Along with the investment, Castrol Marine Sales Director David Goosey is appointed as a Director of GreenSteam.

innoVentures and marine

Castrol innoVentures’ interest in GreenSteam and this use of technology is linked to an overall drive to change the way our customers see the assets in their business by analysing what is happening to them in real-time and providing data driven guidance on improving efficiency.

In GreenSteam’s technology the relations between the vessel’s speed and energy requirements, and the ever changing internal and external conditions – like load, fuel flow, waves, wind and water depth – are analysed by sophisticated software with a specially developed mathematical model at its core.

This software immediately recommends settings to optimize the trim and draft of the vessel, minimizing propulsion resistance.

Roy Williamson, Castrol innoVentures Director said: “We are thrilled to partner with GreenSteam™. We will work closely with the company to reinforce and accelerate its growth, as well as further the market penetration of their cutting edge systems. This investment is testimony to our strategy to look beyond our successful lubricant business.

“At Castrol we have always been pioneers, pushing the boundaries of innovation and innoVentures was set up with the belief that by backing technologically advanced solutions that deliver increased value for our customers, we are acting today to create our frictionless tomorrow and build future value for our business.”

Learn more about Castrol innoVentures

For more information on this story please contact Jonathan Tudor