(Alliance News) - Circle Spa announced Thursday that its subsidiary Magellan Circle has been awarded the Horizon Europe Foremast project for the modal shift from road to sea transport through the use of automated, small, flexible and zero-emission prototype vessels.

Circle will receive EUR235,000 over 36 months. In addition to Magellan Circle, 15 partners from nine European countries are also taking part in the initiative.

Ana Paula Mesquita, CEO of Magellan Circle, expressed enthusiasm for the potential impact of the project, stating, "Foremast represents a step towards sustainable transportation. The SFAZ vessels, with their low environmental impact, are poised to transform urban and coastal logistics, propelling us toward a future where cleaner, smarter and more efficient transportation becomes a reality."

Circle's stock is trading at EUR6.80 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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