The agreement with CM Energy Tech (CMET), a company listed on the Hong Kong stock market with its biggest shareholder being the China Merchants Industry Holding, will greatly enhance BAR Technologies ability to manufacture enough WindWings to satisfy the growing demand, whilst delivering them to the customers at the right price.
As the shipping industry begins to rapidly respond to new emissions regulation, alongside recognizing the clear cost savings available from auxiliary wind propulsion, production management and manufacture of BAR’s WindWings has been centered on China as an efficient location, recognizing the country’s leading position in bulk and large cargo vessel construction.
And as Asian shipping firms increase their share of future WindWings orders—with Singaporean vessel business, Berge Bulk, the most recent adopter of BAR’s technology—CMET’s management of assembly and production at their facilities in the Shanghai area enables customers across Asia to easily work with CMET during WindWings installation onto their new vessels, or retrofits.
Under the terms of the agreement, CMET will manage the value chain of procurement, construction, of WindWings and their installation throughout all the shipyards in China. Additionally, CMET will also manage the servicing of WindWings during their operational life cycle, alongside running training on the operation of the wing sails for vessel crews. BAR Technologies will retain the obligation to continue to innovate and establish additional WindWings sizes and offerings.
Speaking on the signing of the agreement in Shanghai, John Cooper, Chief Executive Officer, BAR Technologies, commented: “In looking at where we manufacture our WindWings, we recognized we have to align our production with the leading nations in global shipping construction. Obviously, China Merchants Group has many shipyards in their wider group but this is about manufacturing for all the yards in the region and developing ever closer relationships.”
“Progressing shipping’s decarbonization journey requires taking the decisions now that will offer long term opportunities to grow and scale WindWings installations, as vessel owners increasingly specify new build vessels from the major yards with wind propulsion. Partnering with CMET will enable us to work with a highly reputable, long-standing organization which will significantly enhance the manufacture and production of our WindWings technology. The WindWings will proudly carry CMET’s world renowned trade brand TSC as well and the BAR Tech WindWings logo.”
Yunqiang Chen, Vice President, CM Energy Tech commented: “With shipping once again about to undergo transformational change, we recognized that there was a unique opportunity to work with BAR Technologies to support taking its pioneering WindWings technology to the market. With our strong, long term existing relationships throughout the domestic manufacturing supply chain, we look forward to supporting BAR Technologies in new WindWings installations across our customer base and the whole of the global shipping market. We are dedicated to the decarbonization of the energy sector and the WindWings product epitomizes this commitment.”
BAR’s agreement with CMET supersedes its previous fixed-term partnership with Yara Marine Technologies, with the businesses parting ways after two years of collaboration to bring wind-assisted propulsion solutions to the maritime market.
