The Netherlands-based Equinox Ocean Turbines, a company dedicated to providing the world’s third clean energy source in the form of ocean current energy, has closed its seed funding round, securing €2.4M.
The round was led by EIT InnoEnergy and also saw contributions from Damen Maritime Ventures, NOM, FOM, Init Power, and two private investors.
Capital utilisation
The funding will speed up the development of Equinox’s advanced turbine technology, which taps into the 700 GW potential of ocean currents for clean energy.
The funds will help create a pre-commercial turbine by 2025 and expand Equinox’s global reach to meet the demand for clean energy solutions.
CEO and founder of Equinox, Pieter de Haas, says, “This is a significant step towards making the marine energy sector a commercial reality.” Equinox’s technology aims to transform the energy sector by offering a consistent and reliable power source.
“To unleash world’s third clean energy source”
With potential in deep sea currents across four continents, Ocean currents provide predictable and constant flow, considered a renewable baseload by energy companies. Its low speed reduces installation and operational risks and offers higher energy yield compared to offshore wind.
However, the low speeds pose a technical challenge for traditional turbines. Equinox addresses this with its two-stage turbine technology, which concentrates energy before harvesting and uses smart materials to create a scalable and economical product.
The company’s focus is on boosting local economies and supporting developing countries by using local supply chains and production sites.
With expertise and partnerships with major companies like Damen Shipyards, Equinox aims to drive the energy industry toward a clean future. The company is also looking to expand its team and advance toward a commercial solution within five years.
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