Dutch company developing innovative ocean energy technology Equinox Ocean Turbines has opened an investment opportunity, targeting €3.3 million to further scale up its business.
Equinox ’ technology, which harnesses the energy of ocean currents, has the potential to revolutionize the clean energy sector by providing a consistent and reliable source of power, according to the company.
Its patented ocean energy converter utilizes a unique design – based on proven elements, techniques & design methods – that is said to enable it to capture the energy of ocean currents at a high economic efficiency, maximizing power generation and earning potential.
The funds raised in this round of financing will be used to further develop and commercialize Equinox’ technology, including the construction of a prototype by 2024.
The company also plans to expand its technology development efforts to improve the efficiency of its ocean energy converters and explore potential partnerships with utilities and other stakeholders in the clean energy sector.
Commenting on this funding round, Equinox Ocean Turbines’ CEO, Pieter de Haas , said: “We’re looking forward to get this technology to market readiness and paving the way for commercial success of the ocean energy sector.”
The latest financing round follows a successful seed investment by Damen Maritime Ventures which allowed the company to further develop the business model, third party verification of the technology and to develop the emerging market for clean energy baseload.
When this funding round is closed, Equinox Ocean Turbines expects to be in position to make significant strides in bringing its innovative technology to market and accelerate the adoption of clean energy worldwide.