Grouw, The Netherlands-based SeaQurrent, a startup that develops technology to generate electricity from tidal and ocean currents, announced that it has raised €4.8M in a fresh round of funding to make tidal energy affordable.
The funding comes from EIT InnoEnergy, PMH Investments, Invest-NL, the FOM, and NOM. The Dutch company says it will use the funds to demonstrate the fourth model of the TidalKite, a sustainable tidal energy converter at Ameland.
Raymond Meeuwsen, Investment Manager at EIT InnoEnergy, says, “We are convinced that tidal energy will become an important part of the European energy mix and that TidalKite can make a distinctive and important contribution to this. Furthermore, our industry connections and energy-specific expertise align well with SeaQurrent’s needs and development.”
Youri Wentzel, CEO and founder, says, “We are proud to announce that we have completed this latest financing round. This investment enables us to develop our distinctive technology and pilot projects further. In addition, the quality of the new investors contributes to the growth and professionalisation of our company.”
SeaQurrent: What you need to know
Founded by Youri Wentzel, SeaQurrent’s mission is to make tidal energy affordable by partnering with companies, research institutions, and governments based on mutual benefit.
SeaQurrent has tested various scale models of the TidalKite in the Waddenzee in 2018 and 2019.
According to the company, the multi-wing TidalKite makes it possible to efficiently generate clean electricity from shallow (and deep) low-velocity tidal and ocean currents, resulting in a breakthrough in the price of electricity produced from tidal energy.
Klaas Kooistra, Investment Manager at FOM (Fund for Frisian companies), says, “SeaQurrent is developing an exciting product for a worldwide market, which translates into a large export potential, investments in sustainable projects and employment. This fits in seamlessly with our goals.”
How does TidalKite work?
According to the company, TidalKite is a multi-wing underwater kite, measuring nine by twelve metres. It generates enough electricity to supply 700 Dutch households with energy for a year.
The power plants use a series of underwater kites anchored to monopiles in the seabed. The kites fly across the current, transmitting power to shore via high-tech cables.
The traction force generated by the TidalKite drives a hydro motor, which in turn drives a generator, reliably generating green electricity to the grid every day of the year. This reduces the need for storage from other renewable sources.
The company claims that the environmental impact is minimal and there is also no horizon pollution.
Durk van der Meer, Managing Director at PMH Investments, says, “Besides the fact that the TidalKite development is very innovative and relevant, the entrepreneurial attitude, the development of different business disciplines, passion and vision of the team have been decisive for our investment, and something to which we will contribute with great enthusiasm.”
Kyra Weaver, Investment Manager at NOM (Investment and development fund for Northern companies), adds, “We are excited about the potential of this Northern company and their contribution to our energy cluster. However, it is a capital-intensive development, so we, as regional development companies, decided to co-invest with Invest-NL.”