Dutch startup Equinox Ocean Turbines, which develops a two-stage turbine technology for ocean energy, has raised €2.4 million in a seed funding round. The funding round was led by EIT InnoEnergy, with participation from Damen Maritime Ventures, NOM, FOM, and Init Power.
- Founded in 2022 by Pieter de Haas, Equinox develops cutting-edge two-stage turbine technology that harnesses the immense 700 GW potential of ocean currents to generate clean, reliable energy. This technology concentrates energy before harvesting and utilizes smart materials, resulting in a highly scalable and cost-effective product.
Details of the deal
- EIT InnoEnergy, a venture capital firm based in Eindhoven, Netherlands, led the investment in Equinox Ocean Turbines. Specializing in climate technology, EIT InnoEnergy invests in startups focused on energy storage, transportation, renewables, efficiency, smart grids, and sustainable buildings. They have a portfolio of 300 startups, including Methaplanet, Repono, HySun, and Wattalps, and have made a total of 562 investments.
- The funding round also included participation from Gorinchem-based VC Damen Maritime Ventures, investment management firm NV NOM, FOM, Init Power, and two private investors.
- The infusion of capital will accelerate the development and deployment of Equinox’s cutting-edge turbine technology. The funds will be used to develop a pre-commercial turbine by 2025 and to expand Equinox’s global footprint to meet the growing demand for clean energy solutions.
“This is a significant step towards making the marine energy sector a commercial reality. Equinox’s patented technology promises to revolutionize the energy sector by providing a consistent and reliable power source,” CEO of Equinox Ocean Turbines BV, Pieter de Haas, stated.
