BARTech and CMET partner to build WindWings
BAR Technologies (BAR) has entered into a partnership agreement with CM Energy Tech, to wholly manage and oversee the production of BAR Technologies’ WindWings in China, according to the company's release.
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.
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.
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.
