AYRO, a French designer and manufacturer of wingsails to reduce emissions has raised €19.2m ($21m) in a financing round that will help it scale up production of its wind propulsion technology.

The Paris company revealed the new cash infusion as it announced that chairman Emmanuel Schalit has become its chief executive.

He told TradeWinds that like any deep-tech start-up, AYRO has significant capital needs on several fronts.