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Aalborg-based startup Frugal Technologies, specializing in fuel optimization for shipping fleets, received a strategic investment from Emerson, a global automation technology and software company. Frugal’s cloud-based propulsion optimization software, utilizing AI to analyze dynamic conditions like weather and cargo load, aims to create optimal engine models for ships, potentially reducing fuel consumption by up to 15% and decreasing emissions in the maritime sector. This investment aligns Emerson’s expertise in fuel management and propulsion control with Frugal’s innovative approach, addressing key challenges faced by the shipping industry such as high operating costs and stringent environmental regulations set by the International Maritime Organization. The collaboration intends to offer a comprehensive solution for fleet performance leaders, empowering them to manage fuel costs more effectively and achieve sustainability goals in the evolving maritime landscape.
On average across vessel types, fuel consumption accounts for approximately 60% of operating costs. Frugal’s cloud-based propulsion optimization software uses AI technology to collect data related to dynamic conditions such as weather, cargo load and propulsion and develop optimal engine models for ships. Frugal estimates its propulsion solutions generate savings of up to 15% in fuel consumption, contributing to a lower carbon footprint.
“Our propulsion solution supports two critical pain points in the market: optimizing energy use to reduce fuel costs and helping ship owners comply with more stringent emissions targets,” said Peter Hauschildt, co-founder and chief executive officer of Frugal Technologies. “Our fuel optimization technology complements Emerson’s marine expertise and automation portfolio, and together we are well positioned to help fleet performance leaders better manage their fuel costs and meet their sustainability targets.”
New global environmental regulations have sparked innovation to support shipping companies in their sustainability journey. The International Maritime Organization has stated its goals to reduce carbon intensity of international shipping by at least 40% by 2030 and 70% by 2050.
“Frugal Technologies’ mission aligns very well with our commitment to drive innovation that supports our customers in their sustainability journey,” said Jon Stokes, group president of Emerson. “Our shipping customers demand the best fuel consumption measurements and data available to make better, more informed decisions, and Frugal, combined with our technologies, provides an unparalleled value proposition for fuel optimization.”
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Read the orginal article: https://arcticstartup.com/frugal-technologies-receives-investment-from-emerson/
