Equinox Ocean Turbines BV, a pioneer in ocean current turbine technology, has closed its seed funding round, raising EUR 2.4 million. The capital is to accelerate the development and deployment of the company’s turbine technology, which can be used to harnesses the 700 GW potential of ocean currents to generate clean baseload energy.
This funding round was led by one of Europe’s leading climate tech investors, EIT InnoEnergy, with significant participation from Damen Maritime Ventures, NOM, FOM, complemented with the support of Init Power and two private investors.
The funds will be used to further develop and commercialise Equinox’ technology, including the construction of a pre-commercial turbine by 2025. Furthermore, the company also seeks to expand its global footprint to meet the growing demand for clean energy solutions.
‘This is a significant step towards fulfilling our ambition of making the marine energy sector a commercial reality,’ says Pieter de Haas, CEO of Equinox. ‘Now is the right time to combine efforts and experience of many parties to make ocean current energy a new reality in the energy mix.’
Also read: How Dutch startup wants to harness ocean current energy
Steady energy source
Equinox’ technology, which harnesses the energy of ocean currents, has the potential to revolutionise the energy sector by providing a consistent and reliable source of power. The company’s patented technology utilises a unique design – based on proven elements, techniques and design methods.
‘As existing power grids struggle to handle the massive influx of intermittent renewables like solar and wind, capturing the potential of steady, clean energy sources like ocean currents will be crucial for the energy transition to succeed,’ explains Jacob Ruiter, CEO Benelux at EIT InnoEnergy. ‘Equinox has a promising technology for that. This is why we decided to invest in them, complementing our other portfolio companies in the renewables space.’
First turbine in the water in under two years
Equinox is building on the expertise of several parties to leverage their knowledge domains and capabilities. By utilising the Damen network and maritime expertise, Equinox can accelerate its developments, which will allow the company to have the first turbine in the water in under two years.
Jasper Schuringa, Damen’s head of Corporate Venturing, adds that their strategic investment in Equinox will kick-start and support the growth of this early phased and innovative start-up company. This investment eventually leads to a new offshore energy segment and maritime ecosystem in which Damen will play a supporting role.
Also read: Damen to build sixth CSOV for Windcat
Pre-seed investment and US support
This seed funding round follows a successful pre-seed investment which allowed the company to further develop the business model, perform third party verification of the technology and to develop the emerging market for clean energy baseload. In addition, the company was recently awarded technical support from the US Department of Energy through the TEAMER programme.
