Startup Raises $43M for Austal to Build Gigantic Sailing Cargo Trimaran
VELA, a French startup launched in November 2022, reports it has completed a significant funding round of €40 million ($43 million) which will be used for Austal to build the world’s largest sailing cargo trimaran. The company strives to provide a sustainable cargo service crossing the Atlantic for products ranging from pharmaceuticals to industrial parts, healthcare equipment, and cosmetics.
The financing round was led by Crédit Mutuel Impact, 11th Hour Racing, and BPI - French Public Investment Bank. The company says the Franco-American partners share its ambition to make transport more sustainable. The trimaran design they believe will also offer a fast alternative, especially for companies seeking to avoid having inventory “on the water” for long periods of transit.
Using technology from offshore racing and the unique design built by Austal, VELA projects that they will be able to provide a transit of less than 15 days from loading to crossing the ocean and unloading while operating 100 percent under sail. They contend that large containerships require at least 20 days for the same service. Further the cargo holds of the trimaran will be maintained at a controlled temperature to ensure “the safety and integrity of high-value-added transported goods.”
The design calls for a vessel measuring 220 feet (67 meters) with an air draft of 200 feet (61 meters) and a width of 82 feet (25 meters). The hull will be made of aluminum using Austal’s experience in the sector. The masts with be a carbon material.
The ship will have over 3,230 square feet of photovoltaic panels as well as two hydro-generators. Its cargo capacity will be the equivalent of 51 shipping containers.
After an international tender in which more than thirty shipyards participated, VELA reports assisted by BRS Shipbrokers, it selected Austal, which is known for its expertise in multihull and aluminum builds. The first VELA Trimaran will benefit from Austal’s expertise while drawing on the offshore racing team MerConcept for sailing systems.
The vessel will be constructed by Austal Philippines in Balamban, Cebu, and is scheduled to be delivered in the second half of 2026. In addition, VELA says that the French companies will carry out 30 percent of the construction, including rigging, sails, and hydro-generators, thus fully supporting the excellence and know-how of the national sailing industry. The vessel will be registered in France.
"Austal is excited to partner with VELA on this groundbreaking project. Our expertise in multihull design and aluminum shipbuilding, combined with VELA's innovative vision, will create a revolutionary sailing cargo trimaran,” said Austal Chief Executive Officer Paddy Gregg. “This vessel will set new speed, reliability, and sustainability standards for transatlantic shipping.”
The funding from the current round the company says will allow VELA to officially launch the building of its first vessel. They also plan to use the financing to strengthen its sales and operations teams in France and the United States.
VELA plans to operate between the French Atlantic coast and the U.S. East Coast. They expect to begin operations in the second half of 2026 joining a growing field of sail-powered cargo vessels being launched by French companies for the Atlantic. VELA reports it is in preparation to have at least four additional ships in service by 2027 – 2028. The goal is to increase departure frequency and reach one departure per week.
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