Tech startup Zparq raises €2.5M to decarbonise marine transport
Älta-based startup ZParq has raised €2.5 million in a seed financing round to provide solutions for the decarbonisation of marine transport.
Financial firm Santander and early-stage venture capitalist Almi Invest GreenTech participated in the financing round. EIT InnoEnergy, the startup’s first institutional investor, and several other existing investors joined ZParq’s latest fundraising.
ZParq CEO Jonas Genchel said the funding would help the firm finalize the development of its first products and enable product delivery this year. According to Genchel, Zparq’s products have generated “overwhelming” interest from boat-makers worldwide.
ZParq is currently running a pilot project with some original equipment manufacturers and shipbuilders, testing its 10kW and 50kW motors. It aims to have Zparq-powered vessels in operation starting in the summer.
Experts say the marine industry relies heavily on fossil fuels, accounting for three percent of global greenhouse gas emissions. However, the issue is not addressed by each nation’s determined contributions to climate goals due to the cross-border nature of the sector.
According to the International Maritime Organization, the maritime industry seeks to cut emissions by around 50 percent by 2050. Without a major decarbonization effort, however, the industry’s emissions will likely increase by 130 percent by that year.
ZParq offers compact marine propulsion systems
Established in 2020, ZParq aims to provide compact, scalable propulsion systems for marine vessels while supporting global sustainability goals across its value chain.
Zparq’s founding team comprises experts in hydrodynamics, electromechanics and product design. It claims its technology fills the gap in utilizing marine electric propulsions in high-performance applications.
Its electric motor uses the startup’s patented “open-pod” technology, which allows the propellers to be immersed in the water without encapsulation, enabling a greater travel range compared to other solutions in the market.
In addition to electric motors, Zparq offers accompanying products, like levers and joysticks, which are applicable in recreational ships and bigger commercial vessels, aiming to make marine travel more cost-effective.
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