Zparq, the Swedish startup company that develops the world's most compact electric marine motors, has closed a EUR 2.5 M seed round to bring its innovative technology to the market with emission-free marine propulsion and a low CO2-footprint over the whole value chain.
Funding round co-led by Santander (through Santander InnoEnergy Climate Fund) and Almi Invest GreenTech, current investor EIT InnoEnergy is also participating.
Zparq provides electric motors and complete powertrains for recreational boats and commercial vessels, where an environmentally friendly, efficient, and quiet propulsion with minimal maintenance is required.
Based on disruptive technology, Zparq’s marine motors are significantly smaller and more efficient compared to all alternatives on the market. The light design reduces raw material and CO2 footprint by more than 50 per cent in the production phase, and the products are from start designed with a circular approach, thus reducing the environmental impact and climate footprint over their entire life cycle.
Zparq originates from a collaboration between the founders and Royal Institute of Technology in Stockholm (KTH), where the technology has been developed and tested on underwater robots and foiling vessels, since 2017. Zparq AB was founded in 2020 and joined InnoEnergy’s portfolio shortly after; InnoEnergy became the first institutional investor, supporting the company’s growth throughout its early stages.
“We are very happy to get Santander and Almi Invest GreenTech as new investors, they will provide us with the support required to finalize development of our first products and enable shipment to our customers already this year,” says Jonas Genchel, CEO of Zparq, and continues: "Our scalable and modular technology has generated an overwhelming interest from boat manufacturers and ship builders globally, and we have customers within the complete range from small leisure boats to commercial vessels waiting for our powertrains. The company is currently in pilot phase with several OEMs and boat builders who are testing its 10kW and 50kW motors. It aims to have several units operating in water by this summer,” ends Jonas Genchel.
Santander InnoEnergy Climate Fund is the initiative created by Santander AM and EIT InnoEnergy to accelerate the energy transition. It is a venture capital fund investing in early-stage companies (Seed through Series B) operating in sectors such as circular economy, energy storage & efficiency, transportation & mobility, smart buildings, cities & grids, hydrogen, AgTech etc. Santander AM is the portfolio manager of the fund, which will invest mainly in companies coming from EIT InnoEnergy’s ecosystem.
Almi Invest GreenTech is a prominent venture capital fund and pioneer in climate tech investments specializing in green technologies and sustainable solutions. The fund invests in innovative companies with high growth potential that substantially reduce greenhouse gas emissions, contribute to mitigating climate change and preserving the environment. Almi Invest GreenTech's portfolio includes a diverse range of companies across the renewable energy, transport, industry & manufacturing, materials, clean transportation, food, agriculture & forestry and waste reuse and circular economy sectors.
EIT InnoEnergy is the largest impact cleantech investor in Europe, supporting and investing in sustainable energy innovations. With a comprehensive network and extensive industry knowledge, EIT InnoEnergy supports innovative companies to develop and commercialize their sustainable energy solutions, driving the transition to a net-zero future.