Dutch Startup Equinox Secures €2.4M to Harness Ocean Current Energy
Netherlands, Friday, 12 July 2024.
Equinox Ocean Turbines has raised €2.4 million in seed funding to develop turbine technology that taps into the 700 GW potential of ocean currents. This innovative approach could revolutionize clean energy production by providing a consistent and reliable power source.
Funding and Investor Details
The funding round was led by EIT InnoEnergy and saw additional contributions from Damen Maritime Ventures, NOM, FOM, Init Power, and two private investors. This significant capital infusion will accelerate the development and deployment of Equinox’s advanced turbine technology. The Netherlands-based company plans to use the funds to create a pre-commercial turbine by 2025, aiming to expand its global reach to meet the increasing demand for clean energy solutions.
The Technology Behind Equinox
Equinox’s technology focuses on harnessing the energy of ocean currents, which offer a predictable and constant flow, making them a renewable baseload as recognized by energy companies. The company’s two-stage turbine technology concentrates energy before harvesting and employs smart materials to create a scalable and economical product. This innovative approach addresses the technical challenges posed by the low speeds of ocean currents, offering higher energy yields compared to offshore wind.
Strategic Partnerships and Expertise
Equinox is leveraging the expertise and capabilities of its strategic partners, including Damen Shipyards Group. Damen’s investment and maritime expertise will support Equinox’s growth and accelerate the development of its turbine technology. This collaboration aims to have the first turbine in the water within two years, marking a significant milestone in the commercial realization of marine energy. Equinox’s CEO, Pieter de Haas, emphasized the importance of combining efforts and experiences to make ocean current energy a new reality in the energy mix.
Global Impact and Future Plans
Equinox’s technology has the potential to revolutionize the energy sector by providing a consistent and reliable source of clean power. The company’s focus on boosting local economies and supporting developing countries through local supply chains and production sites aligns with its broader mission of driving the global energy transition. With expertise and partnerships with major companies, Equinox aims to unlock the global potential of baseload ocean energy and advance towards a commercial solution within five years.
Bronnen
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- www.nom.nl