Equinox Ocean Turbines, a Netherlands-based company dedicated to harnessing ocean current energy, has closed its seed funding round, securing €2.4 million. This funding round was led by EIT InnoEnergy and included contributions from Damen Maritime Ventures, NOM, FOM, Init Power, and two private investors.
The new capital will accelerate the development of Equinox’s advanced turbine technology, which aims to tap into the 700 GW potential of ocean currents for clean energy. The funding will support the creation of a pre-commercial turbine by 2025 and expand Equinox’s global reach to meet the rising demand for sustainable energy solutions.
CEO and founder Pieter de Haas emphasized the importance of this funding: “This is a significant step towards making the marine energy sector a commercial reality.” Equinox’s technology is set to transform the energy industry by providing a consistent and reliable power source.
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Innovative Approach to Renewable Energy
Equinox’s two-stage turbine technology addresses the technical challenges posed by the low speeds of ocean currents, concentrating energy before harvesting and using smart materials to create a scalable and economical product. Ocean currents offer a predictable and constant flow, considered a renewable baseload by energy companies, with a higher energy yield compared to offshore wind.
Supporting Local Economies and Developing Countries
Equinox is focused on boosting local economies and supporting developing countries by utilizing local supply chains and production sites. The company’s partnerships with major firms like Damen Shipyards are crucial to driving the energy industry toward a clean future. Equinox plans to expand its team and advance towards a commercial solution within the next five years.
With this substantial investment, Equinox Ocean Turbines is poised to make significant strides in developing ocean current energy, contributing to a sustainable and renewable energy future.
