€2.4M seed funding to boost Dutch company’s ocean energy ambitions

Dutch company developing innovative ocean energy technology, Equinox Ocean Turbines, has closed its seed funding round, raising €2.4 million.

Equinox has secured funding from EIT InnoEnergy, Damen Maritime Ventures, NOM, FOM, Init Power, and two private investors. 

Equinox’s technology harnesses ocean currents to provide a consistent and reliable power source, said the company, as the design is based on proven elements, techniques, and methods. Equinox also plans to expand its technology development efforts to improve the efficiency of its ocean energy converters.

“As existing power grids struggle to handle the massive influx of intermittent renewables like solar and wind, capturing the potential of steady, clean energy sources like ocean currents will be crucial for the energy transition to succeed,” said Jacob Ruiter, CEO of Benelux at EIT InnoEnergy. “Equinox has a promising technology for that. This is why we decided to invest in them, complementing our other portfolio companies in the renewables space.” 

The funds will be used to develop and commercialize this technology, including building a pre-commercial turbine by 2025, and to expand the company’s global presence to meet the demand for clean energy solutions.

“This is a significant step towards fulfilling our ambition of making the marine energy sector a commercial reality,” said Pieter de Haas, CEO of Equinox Ocean Turbines. “Now is the right time to combine efforts and experience of many parties to make Ocean Current Energy a new reality in the energy mix.”

By leveraging the expertise of partners like Damen, Equinox said it aims to have its first turbine operational in under two years. According to Jasper Schuringa, Damen’s Head of Corporate Venturing, this strategic investment will help grow this early-phased and innovative startup company that launched in October 2022. This creates a new offshore energy segment and maritime ecosystem with Damen in a supporting role.

This seed funding round follows a pre-seed investment that helped develop Equinox’s business model, validate the technology through third-party verification, and explore the emerging market for clean energy baseload. 

The company also received technical support from the U.S. Department of Energy through the TEAMER program, for its project named “Mid-Fidelity Numerical Modeling Approach for Two-Stage Ocean Current Turbines,” which is set to introduce a two-stage turbine design for efficient power generation at low water velocities. This design reduces power take-off (PTO) costs and simplifies mooring solutions.

However, current modeling tools cannot directly analyze or optimize this unique design due to its complex interactions between the main rotor and tip turbines. This project aims to adapt and refine mid-fidelity modeling tools, such as OpenFAST and associated libraries, to accurately capture these interactions and develop a robust modeling approach.

To achieve this, Equinox Ocean Turbines BV will utilize the facilities at the National Renewable Energy Laboratory, ensuring the project’s success through access to state-of-the-art resources and expertise.