90% Exploration: How GTT Strategic Ventures Finds the Future of Maritime Innovation with Hélène Loncin

90% Exploration: How GTT Strategic Ventures Finds the Future of Maritime Innovation with Hélène Loncin

Interviewed December 13th, 2024

Introduction

Hélène Loncin, a driving force behind GTT Strategic Ventures, brings together a rare combination of engineering expertise and corporate venturing prowess. Over her 11-year tenure at GTT, she has been instrumental in guiding the company’s strategic growth, first through mergers and acquisitions (M&A) and now through corporate venture capital (CVC). In December, she joined Nicolas Sauvage, President of TDK Ventures and host of Corporate Venturing Insider, to share her inspiring journey — from engineering and consulting to leading GTT’s corporate venture fund. Her story is one of innovation, resilience, and vision. This article delves into Hélène’s career trajectory, GTT’s forward-thinking investment strategies, and her insights on the future of the energy and maritime industries.

Hélène’s Early Career: Engineering and Consulting

Hélène Loncin began her professional journey as an engineer — a natural foundation for someone driven by a deep interest in technology and innovation. Like many engineers, she transitioned into consulting, where she developed key skills in project management and problem-solving. After several years, Hélène joined Sopura, a family-owned chemical business founded in 1946 that specialized in cleaning and disinfection solutions for the food industry. The experience was formative, but she described it as “a bit complicated,” reflecting the dynamics of working in a closely held business. Sopura was later acquired by the Kersia Group, a global leader in biosecurity and food safety solutions.

Her career took a decisive turn when she joined GTT (Gaztransport & Technigaz), a French engineering company specializing in liquefied natural gas (LNG) containment systems. At GTT, Hélène was initially tasked with driving innovation, leveraging her combined technical and business acumen. However, early diversification efforts — such as attempting to develop software internally — fell short of expectations. “We failed miserably,” she recalls. The failure stemmed from a fundamental misstep: GTT did not fully understand what its clients needed. This lesson underscored the importance of aligning innovation with real-world demand — a principle that would shape Hélène’s approach to future initiatives.

GTT’s Move into M&A

Following the software setback, GTT pivoted to mergers and acquisitions (M&A) as a means of expanding its capabilities. The acquisition of Ascenz, a maritime software company in Singapore, marked GTT’s first successful foray into M&A. Hélène, then around 30 years old, led the deal — a milestone she describes as an “incredible opportunity.”

From there, Hélène transitioned into a dedicated M&A role, spearheading acquisitions in critical areas such as artificial intelligence, software for the maritime industry, and hydrogen technologies. GTT’s approach to M&A was strategic and “friendly,” prioritizing partnerships and integration. “We wanted to build together,” Hélène explains. This collaborative philosophy, centered on shared goals and common projects, facilitated smoother transitions and meaningful growth post-acquisition.

Notably, GTT’s M&A strategy was shaped organically. “We invented it as we were doing it,” Hélène reflects. This flexibility allowed GTT to define its own path, adapting to challenges while pursuing opportunities in a rapidly evolving market.

The Genesis of GTT’s Corporate Venture Fund

While M&A proved effective, GTT recognized its limitations. As a niche player in the LNG and maritime sectors, the company faced challenges in finding suitable acquisition targets. Simultaneously, the broader energy and maritime landscapes were undergoing transformative changes. “We needed to expand our horizons,” Hélène notes.

Two and a half years ago, GTT launched its corporate venture fund as a tool for exploration. Unlike M&A, which focuses on mature businesses, the CVC enables GTT to engage with emerging technologies and startups. “Strategic analysis is not enough,” Hélène explains. “We needed to explore.”

The fund serves a dual purpose: strengthening GTT’s current business while exploring new opportunities. Around 90% of the fund’s efforts are dedicated to exploration, focusing on areas like maritime decarbonization, hydrogen production, and energy transition.

Sourcing and Team at GTT Ventures

GTT’s venture team operates with remarkable agility. Hélène is the only person fully dedicated to investment activities, but she collaborates with a network of 20 colleagues across the company. This structure highlights an important lesson for aspiring CVC leaders: “You don’t need a full team to start a CVC,” Hélène says.

The sourcing process is multi-faceted. Internally, GTT leverages its existing network of M&A professionals, management, and industry contacts. Externally, partnerships with accelerators, incubators, and venture funds provide a steady pipeline of opportunities. Conferences also play a key role in building connections. “You naturally meet people who share the same goals as you,” Hélène explains, emphasizing the collaborative spirit of the corporate venturing ecosystem.

GTT Ventures’ Portfolio: Strategic Support Beyond Capital

GTT Ventures provides its portfolio companies with far more than financial investment. Leveraging its industry strengths, the firm focuses on enabling startups to thrive through practical support and strategic value. GTT taps into its extensive maritime and energy networks to connect startups with shipyards, shipowners, and major energy players — critical partnerships for scaling business operations.

In addition to industry access, GTT helps portfolio companies refine intellectual property strategies, drawing on its expertise in licensing and engineering innovation. Their team members often serve on company boards, offering hands-on support in navigating technical challenges, building engineering capabilities, and executing ambitious R&D roadmaps. This direct involvement fosters both startup success and cross-pollination of knowledge within GTT, cultivating entrepreneurial thinking.

GTT Ventures aligns its investments with long-term exploration goals, focusing on maritime decarbonization, hydrogen production, and energy storage, while balancing opportunities that enhance GTT’s core business. This dual approach — exploration and exploitation — underscores GTT’s vision to prepare for a dynamic, sustainable future.

The Future of GTT Strategic Ventures

Looking ahead, Hélène envisions GTT Strategic Ventures as a driving force of innovation and growth. Success will be defined by the ability of portfolio companies to scale, expand their reach, and deliver impactful solutions. To support this, GTT aims to increase its investment capacity — potentially doubling or tripling the current allocation — and expand its team.

Hélène highlights GTT’s “superpowers” as an investor: deep industry connections, proven IP expertise, and a collaborative approach to partnerships. Areas like carbon capture, digital shipping solutions, and energy storage remain key priorities, reflecting GTT’s commitment to addressing pressing maritime and energy challenges.