Thursday, May 16, 2024
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Investment for Electric Marine Motors

Investment for Electric Marine Motors

Zparq, the Swedish startup company specializing in the development of the world’s most compact electric marine motors, has successfully concluded a seed round of funding totaling EUR 2.5 million. This investment aims to introduce Zparq’s groundbreaking technology to the market, offering marine propulsion that is both emission-free and boasts a low CO2-footprint across the entire value chain.

The funding round was co-led by Santander, represented by the Santander InnoEnergy Climate Fund, and Almi Invest GreenTech. Additionally, EIT InnoEnergy, an existing investor, is also participating in this round.

Zparq focuses on supplying electric motors and comprehensive powertrains for both recreational boats and commercial vessels that require environmentally friendly, efficient, and silent propulsion systems with minimal maintenance.

Employing a disruptive technology, Zparq’s marine motors are considerably smaller and more efficient compared to all other alternatives currently available in the market. The lightweight design not only reduces raw material usage but also lowers the CO2 footprint by over 50% during the production phase. Furthermore, the products are designed from the outset with a circular approach, thereby minimizing their environmental impact and climate footprint throughout their entire life cycle.

Zparq originated from a collaboration between its founders and the Royal Institute of Technology in Stockholm (KTH). The technology underwent development and testing on underwater robots and foiling vessels since 2017. Zparq AB was established in 2020 and quickly joined InnoEnergy’s portfolio, with InnoEnergy becoming its first institutional investor, supporting the company’s growth during its early stages.