Hydro Volta’s patented desalination technology
BlueInvest supports 13 Mari innovation for fuel efficiency
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The Bulgarian-based startup 13 Mari develops innovative drag reduction solutions for improved fuel efficiency and cleaner waters. The company received coaching through the EU BlueInvest Readiness Assistance Programme and was able to secure more than USD 500,000 in funding.
Maritime transport plays is an important part of the EU economy. At the same time, it is also a significant source of greenhouse gas emissions. At the EU level, the sector accounts for approximately 3 to 4% of the EU's total CO2 emissions. In 2019, this was over 144 million tonnes of CO2.
The commercial shipping industry needs to operate sustainably, support cleaner waters, and reduce fuel bills. In fact, fuel costs are the number one expense in the international shipping industry, representing an astounding 50-75% of the total ship operation costs.
13 Mari: addressing shipping decarbonisation and reducing fuel costs
To address these challenges, 13 Mari developed a simple, yet effective approach to improve fuel efficiency. They introduced a composite element that reduces "drag," the resistance faced by ships in water. By reducing drag, ships need less energy to move through water, resulting in lower fuel consumption and fewer CO2 emissions.
13 Mari’s solution involves attaching 15-30 composite elements to the ship's hull, each providing a 10% faster water flow and 20% less drag locally. On average, major vessels, such as tankers and container carries, can reduce their drag by 3.7% by introducing the retrofits at the present stage. This can lead to fuel savings of at least 3.7% and an estimated potential annual elimination of 45,000,000 tonnes of CO2 emissions.
13 Mari’s success
The company has continued work on product development to make it as risk-free as possible and actively raising funds. In December 2022, 13 Mari has won a USD 25,000 cheque at The Captain's Table in Hong Kong.
More recently, it acquired USD 500,000 from a USD 1,000,000 seed round. They are also collaborating with the Bulgarian Ship Hydrodynamics Centre for logistic optimisation and are currently in discussions with shipping companies Euronav (BE) and Fulmar (UK).. The goal is to carry out sea trials with top maritime companies by mid-2024.
BlueInvest in action
The company credits their evolution and success to the support received through the BlueInvest Readiness Assistance Programme, which has assisted the company in the most fragile stages of development.
The programme assigned them a coach, who was instrumental in untapping the development potential of 13 Mari’s talent pool. The coach also helped the founders refine their pitching ideas to bring in potential investors.
Thanks to the successful cooperation with BlueInvest so far, 13 Mari is already looking forward to the future pitching opportunities offered by programme.
Background
BlueInvest Readiness Assistance is the EU’s exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build growth capacity and attract investment.
Interested? Apply now by registering to the BlueInvest Community. For any questions, you can reach out to lu-blueinvest@pwc.lu
More information on the project
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Data for decision-makers: Sinay raises €5M thanks to BlueInvest support
Sinay is a French start-up specialised in maritime data solutions. It transforms complex maritime data into easily understandable indicators that maritime stakeholders can use to address environmental challenges and optimise operations at sea.
With the support of the EU BlueInvest Readiness Assistance Programme, Sinay has successfully refined its strategy and business plan and attracted investors.
In May 2023, Sinay achieved a remarkable milestone by securing a €5 million in funding. This international fundraising round involved investors from Europe, Singapore, Hong Kong, and the USA, demonstrating the global recognition of Sinay's vision to reconcile business efficiency with ocean biodiversity.
Harnessing the power of Artifical Intelligence (AI)
Artificial Intelligence is revolutionising industries across the board and the blue economy is no exception. AI offers opportunities in addressing environmental sustainability issues, such as preserving biodiversity, managing water, and monitoring pollution, as well as to and optimise operations at sea.
It is thanks to those opportunities that Sinay came into being.
Founded in 2008, Sinay created the “Sinay Hub”, an AI-based software that collects, analyses, and monitors over 350 terabyte (TB) of worldwide maritime-related data. The data analysed include vessels positions, wind farms positions, biodiversity data of 150 million marine species, and more than 40 years’ worth of historical data on ocean waves, winds and currents.
Making maritime activities smarter and more sustainable
Utilising advanced machine learning algorithms, Sinay provides insights for the maritime industry to optimise operations at sea while also protecting the environment and biodiversity. Users can access real-time or historical data and reports through the Sinay Hub which combines several modules (air quality, water quality, underwater acoustics, etc.).
Sinay has recently launched its Application Programming Interface (API) catalogue, where users can find six different APIs. These include the Noise Emissions API that collects data such as ship position, speed, fuel type and historical performance to monitor noise emissions for any vessel type and journey worldwide. This enables customers to get an estimation of sound exposure level and to assess its impact on marine wildlife.
BlueInvest, connecting companies with investors
Sinay comprises a young and dynamic international team of 90 professionals driven by a strong interest in technological innovation and the environment. Their focus is to develop products and services that contribute to environmental conservation. Over the past five years, this company has experienced a growth rate of 50% in the oceanic activities market. .
In its path for growth, Sinay received valuable support from the BlueInvest Readiness Assistance programme to help refine its strategy and business plan. Working closely with the start-up's CEO and founder, Yanis Souami, a BlueInvest coach provided guidance on how to effectively communicate the company's vision and technical intricacies to both current and potential investors.
The €5 million fundraising of May 2023 attracted a range of prominent investors, including Seventure Partners (Lead investor), Shift4Good, Alpana Ventures, Normandie Littoral, Motion Ventures, Seabird Ventures, and Betatron Venture Group. The funds will accelerate the internationalisation of the company notably by exploring the US and South-East Asian market. It will also allow the fast growth of the products, emphasising sales and marketing efforts.
Sinay has also recently announced the signature of a €1,6 Million contract with the European Space Agency to create a Digital Maritime Platform. The Digital Port Platform project consists of a hub of maritime modules to enhance port competitiveness through improved efficiency and increased sustainability.
Background
BlueInvest Readiness Assistance is the EU’s exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build growth capacity and attract investment.
Sinay’s BlueInvest Experience: BlueInvestReadiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day, BlueInvest Awards
More information on the project
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https://www.linkedin.com/company/sinay/
Clean energy from water: GKinetic Energy Ltd raising funds thanks to BlueInvest
GKinetic is an irish startup operating in the sector of hydrokinetic turbines. Its ambition is to improve the existing hydro devices, exploiting tidal energy to offer clean, predictable energy from free-flowing water, with minimal impact on the natural environment. Now, thanks to EU BlueInvest Readiness Assistance Programme, the start-up is closer to its objectives, having successfully closed its first seed round with Katapult Ocean.
EU ambitious climate action plan
The EU has embarked on an ambitious climate action plan to become a decarbonised, net-zero emissions economy by 2050. To reach this goal, the energy market must be transformed, reaching targets of at least 60 GW of offshore wind and 1 GW of ocean energy by 2030, and 300 GW and 40 GW, respectively, by 2050. Many projects exist in the EU to move forward along this path, and GKinetic Energy is a perfect illustration of a strong EU-based innovative technology.
GKinetic innovative, flow accelerating hydrokinetic turbine
GKinetic Energy Ltd is an Irish-based company developing innovative hydrokinetic turbines producing clean energy from canals, rivers and tidal flows. Its unique, patented technology relies at its core on placing an intentional obstacle, like a buoy, between two turbines allowing them to generate significant energy also in low flows. With a simple and robust design, flexibility, and ease of installation and movement, it is ideally suited for community and industrial applications alike.
GKinetic's hydrokinetic technology offers a promising solution for generating an extra 200GW of affordable and environmentally friendly energy worldwide. Moreover, GKinetic's installations are designed to minimize the negative impacts on marine ecosystems by using a straightforward floating design that avoids disrupting channels and marine life.
GKinetic’s unique device saw immediate success: but, to grow further, the startup team was actively seeking investment and funding to ensure their project has sufficient financing as well as support and assistance to help them in this critical phase.
BlueInvest, coaching and connecting companies with investors
In 2020, the BlueInvest Readiness programme has been recommended to GKinetic by a company benefitting from the assistance themselves at that time. The company applied to the coaching programme and was selected as a beneficiary the same year.
In only 6 months, the BlueInvest coach helped the GKinetic team develop a clear business plan, a full data room as well as an investor-ready pitch. At the coach’s recommendation, GKinetic applied for the BlueInvest Awards and was selected to pitch as a finalist in the ‘Energy from the Ocean’ category at BlueInvest Day 2021, which provided them with great visibility towards Investors. As a result, GKinetic received three investment offers by the end of the coaching, and later successfully closed its first seed round with Katapult Ocean, which also happened to be a member of the jury panel of the BlueInvest Awards.
The BlueInvest Readiness Assistance programme has been the most valuable coaching programme we have ever gone through.
says to GKinetic Energy Ltd COO & CO-Founder Roisin Mc Cormack.
Background
BlueInvest Readiness Assistance is the EU’s exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build growth capacity and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 30th of June 2023. For any questions, you can reach out to lu-blueinvest@pwc.lu
GKinetic Energy’s BlueInvest Experience: BlueInvestReadiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day, BlueInvest Awards
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https://www.linkedin.com/company/gkinetic-energy-ltd/
Sea Rangers sail ahead thanks to BlueInvest
The mission of the Dutch startup Sea Ranger Service is to restore 1 million hectares of ocean biodiversity by the year 2040, while training 20,000 young people for a maritime career.
Thanks to the EU BlueInvest Readiness Assistance programme, the Sea Ranger Service has developed its business case and raised €2 million in growth capital in 2021 from private and institutional investors.
With its focus on training youth, the project also fits well in the objectives of the European Year of Skills
Europe’s nature in alarming decline…
Oceans and seas are an integral part of our world. They help regulate climate, provide large amounts of the oxygen we need, and are home to much of the Earth’s biodiversity. At the same time, they also facilitate international trade and contribute to the world economy. With more than 80% of European habitats in poor condition, restoring marine ecosystems is of paramount importance to increasing biodiversity, limiting global warming to 1.5°, preventing natural disasters and reducing risks to food security.
…but Sea Ranger Service contributes to the rescue
The restoration of marine ecosystems is an enormous task, but our capacity for it remains limited. The Sea Ranger Service identified and filled this gap and made the most of the opportunity. The company not only influences current policies, but also implements them, creating social and environmental impact at the same time.
The company offers three main services
- the Sea Ranger Bootcamp provides entry-level training for youth who wish to set their maritime careers in motion
- the Sea Ranger Service is an offshore company run by maritime professionals with over 100 years of combined experience at sea. It conducts offshore research on various environmental issues, especially those pertaining to marine life protection and sea water conservation
- developing purpose-built carbon-efficient vessels to carry out this work cost-effectively and cleanly.
The Sea Ranger Service supports a key component of the EU Biodiversity Strategy and the proposed Nature Restoration Law, the first comprehensive law to restore damaged ecosystems, covering at least 20% of the EU's land and sea areas with nature restoration measures by 2030.
BlueInvest comes into play
The BlueInvest Readiness Assistance Programme gave the Sea Rangers’ cause a boost and a direction. Drawing on the advice from their BlueInvest coach, the company has succeeded in developing their business case further and raising €2 million in growth capital in 2021. The programme has also helped the company to start expanding into France, Spain and the UK.
The Sea Ranger Service has secured 13 government contracts in the Netherlands, along with initial contracts from corporate clients. Sea Ranger Service founder Wietse Van Der Werf said:
BlueInvest gave us the practical backing, support, and advice to take the next steps in our development.
With restoration as one of its main focus areas, the Sea Ranger Service expects growth as the blue economy market evolves and transitions to more sustainable practices. With a solid foundation in terms of scientific research already in place and help from PwC and IKEA, the company has launched a new franchising model to recruit entrepreneur candidates for future expansion.
Background
BlueInvest Readiness Assistance is the EU’s exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build growth capacity and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 30th of June 2023. For any questions, you can reach out to lu-blueinvest@pwc.lu.
Sea Rangers’ BlueInvest Experience: BlueInvest Community, BlueInvest Readiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day
Did you like this story?
Then also check out the Euronews Ocean episode on blue careers.
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Ittinsect raising funds with the help of BlueInvest
Ittinsect is an Italian company producing aquaculture feed with novel raw ingredients including insects, micro algae and agricultural by-products. Through the EU BlueInvest Readiness Assistance programme, the start-up successfully raised €750,000 of which €625,000 in equity from investors. The BlueInvest coach has played a key role in the success of the start-up by equipping it with the right skills to participate in fundraising rounds and by facilitating quality introductions to investors.
EU guidelines for sustainable and competitive EU aquaculture
The world has a growing appetite for fish and seafood. However, this demand cannot be satisfied by fisheries alone, to preserve biodiversity and fish stocks. Aquaculture has an increasing role to play in the European food system and in the restoration of the health of the sea. But conventional fish farming presents its own challenges. It has a lot of potential to become more competitive and resilient, as well as to improve its environmental and climate performance.
As outlined in the guidelines for sustainable and competitive EU aquaculture, diversification and increasing performance of European aquaculture’s production methods, will increase the resilience, competitiveness and sustainability of the food system.
Ittinsect’s aquaculture has zero impact on the ocean
The Italian start-up Ittinsect has taken up the challenge set by the EU guidelines. Through their innovative and unique biotech process, Ittinsect has created sustainable, high performance aquaculture feed, eight times more absorbable for fish digestion. The latter is produced through biotech treatment of novel raw ingredients including insects, micro algae and agricultural by-products. A fish receiving Ittinsect feed has a faster and more constant growth, a stronger immune system and a lower risk of digestive system inflammation compared to a fish subjected to traditional feed. In fact, there is a recorded 15% better growth compared to fish fed on traditional feeds.
Besides improvement in fish health and growth ratio, Ittinsect’s feed enables better feed conversion ratio at zero extra cost, with a FIFO (fish in – fish out) ratio of less than 1. By doing so, the company limits the need for ocean source fish by over 300 billion units and also reduces CO2 emissions in the aquaculture value chain.
BlueInvest – coaching and connecting companies with investors
Ittinsect’s journey with BlueInvest began in 2020 with their active participation in some of the BlueInvest events. In 2021, Ittinsect benefited from the BlueInvest Readiness Assistance programme and worked hand in hand with a knowledgeable coach, himself a successful entrepreneur in the field, to reach their business objectives.
In the words of founder and CEO, Alessandro Romano,
BlueInvest has always been really supportive of us. We were assigned a coach who was extremely suitable for our needs, also capable of understanding and guiding us on the technical and product development. It was a really positive experience.
Not only Ittinsect successfully finalised the design of a product they were developing by the end of the programme, but BlueInvest Readiness Assistance also equipped them with the right skills to participate in fundraising rounds, through quality inputs and advice from pertinent investors. The BlueInvest coach facilitated quality introductions to investors: Katapult Ocean and Indico Capital Partners. After receiving some regional grants in 2021, Ittinsect raised €625,000 in equity at the end of 2022, from the latter together with CDP Venture Capital and LVenture Group.
In the coming year, Ittinsect looks to increase its production and grow in the Italian market. The company also aims to raise further rounds of capital. With the knowledge gained through the Readiness Assistance program, the start-up is currently working to develop a functional ingredient to be included in salmon feeds by the end of the year and plans to launch complete feeds for sea bass and sea bream in June 2023. In 2024, Ittinsect seeks to raise a next round of investment amounting to a minimum of €4 million, with a focus on internationalisation and further scale up of the biotech production.
Background
BlueInvest Readiness Assistance is an exclusive EU coaching programme for high potential start-ups and SMEs in the EU with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 7 April 2023. For any questions, reach out to lu_blueinvest@pwc.com.
Ittinsect’s BlueInvest Experience: BlueInvest Community,BlueInvestReadiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day
h2boat is reaching new markets thanks to BlueInvest
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Italian start-up h2boat has developed a very promising hydrogen technology which reduces the CO2 emission of maritime transport. With the help of the EU initiative BlueInvest, it has received coaching to expand its business.
The challenge: reducing CO2 emissions
While maritime transport plays an essential role in the EU economy and is one of the most energy-efficient modes of transport, it is also a large and growing source of greenhouse gas emissions, representing 3 to 4% of the EU’s total CO2 emissions, or over 144 million tonnes of CO2 in 2019. As the EU moves away from its dependency on fossil fuel, renewable energy will play a key role in the future of maritime transportation, and for delivering on the aim set out in the European Green Deal of achieving carbon-neutrality in the EU by 2050.
A solution for leisure boats: hydrogen
With green transportation gaining importance, the innovative Italy-based start-up h2boat is eager to revolutionise boating through its hydrogen technology that can be installed on both sailing or motorboats, potentially making them 100% energy sustainable and extremely functional. h2boat’s avant-garde product ‘Energy Pack’ comprises a system that uses hydrogen technology to make leisure boats autonomous in terms of their electrical needs on board.
It consists of three parts
- a fuel cell, able to produce electricity from hydrogen
- an accumulation system for storing large quantities of hydrogen safely at low temperatures and low pressures
- an electrolyzer, producing hydrogen from water using excess energy produced from renewable sources
The ‘Energy Pack’ efficiently integrates these components on board the boat and is virtuous and circular: it consumes water to store energy, it emits water to produce energy. It decisively contributes to the reduction of localised CO2 emissions while drastically reducing noise, odors and vibrations on board. It also contributes to the construction of zero-impact boats that can access otherwise closed marine protected areas
BlueInvest in action: h2boat receives coaching to reach new markets
With a customer base that comprises both B2C (mainly northern Europe, Benelux) and B2B clients (mostly in France and Italy), h2boat approached BlueInvest to improve its market and investment readiness and its reach to potential investors.
Through sessions with their BlueInvest coach, h2boat has specifically worked on its business plan to boost its growth. According to CEO Thomas Lamberti, in charge of the company’s R&D efforts, BlueInvest mentorship programme “helped us clarify our vision and refocus and adapt”. Initially focused on easier-to-build smaller hydrogen systems, h2boat reoriented its business priorities: it decided to focus instead on superyachts and megayachts in view of the sharp market rise for those larger boats. The start-up also shifted from the sole provision of its product to provision of services, knowledge and design, particularly for large applications, such as shipyards.
h2boat currently has ambitious fundraising plans and is hoping to convince prospective investors to offer them a reasonable valuation by the end of 2022.
EU-supported BlueInvest Readiness Assistance is an exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help startups and SMEs build capacities for growth and attract investment.
We have moulded our business model as per the needs of the market — and the demand is higher now for yachts. After Covid, the superyachts market saw a sharp rise. Thanks to BlueInvest, we were able to make the most of this opportunity.
Thomas Lamberti, CEO, h2boat
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. For any questions, reach out to us at lu_blueinvest@pwc.com
Aquaponics Iberia is growing thanks to BlueInvest
Today, 25% of seafood consumed in Europe comes from aquaculture, but only 10% comes from EU aquaculture. There is a huge growth potential. Aquaponics Iberia benefited from the EU BlueInvest mentorship programme to develop its business. The aquaculture sector in Europe consists of around 15,000 businesses in Europe, mainly small or micro-enterprises in coastal and rural areas.
A young Portuguese start-up growing fish and vegetables at the same time
Aquaponics Iberia is a young Portuguese start-up revolutionising the food system through efficient aquaponics with its locally-grown, fresh, and sustainable fish and greens. Aquaponics is the combination of aquaculture and hydroponics, enabling cultivation of plants and aquatic animals in a recirculating water environment. While the fish waste product nourishes the plants, the plants in turn purify the water in a closed and dynamic system for the fish to grow healthily. The benefits are two-pronged: healthy and sustainable food production and a lower environmental footprint.
Aquaponics Iberia approached BlueInvest for funding support for its Fish n’ Greens project, to set up a state-of-the-art facility in the Torres Vedras region, close to Lisbon. Fish n’ Greens is an aquaponics urban farm aimed at transforming the growing food needs in European cities. This facility is planned to include the company’s fully functional hi-tech aquaponics production system, a food store, a training room, guided tours for school groups and general consumers, a café?, a processing unit, renewable energies and a production capacity to generate 45 tonnes of fresh certified fish per year, together with 130 tonnes of fresh vegetables.
Perfectly in sync with the Farm to Fork strategy, this project’s unique sustainable ecosystem has the potential to increase Europe’s food chain resilience in case of possible crises.
How the EU has helped the company develop its business
With plans to have units in more than 8 European cities in the next 10 years, Aquaponics Iberia had a bumpy start, facing objections from investors regarding the location in main cities, high rent and dependence on municipalities as well as consumer preference for saltwater fish.
This is where the BlueInvest mentorship programme came into play, helping Aquaponics Iberia to revamp and redevelop its business and marketing model. The company revisited its strategy and decided to put large facilities outside the city and have smaller food units and stores in the cities, with small demonstration units for consumers to view. This strategic review eventually helped the company reach a stage where it is getting more attention from public administrators and potential investors.. For instance, the Mayor of Torres Vedras Municipality has shown keen interest in Fish n’ Greens becoming the main fresh food supplier of the public schools’ canteens of the region (around 11,000 students).
BlueInvest also helped Aquaponics Iberia towards concretising investments.
The BlueInvest programme definitely helped us reach more investors — it seemed like a small step then, but now we are very close to receiving funding, and that is an accomplishment in itself.
says João Cotter, CEO and Co-Founder of Aquaponics Iberia.
With €4.5 million required to set up their first aquaponics integrated urban farm, the current challenge continues to be funding: 40% of the amount has been raised so far and the remainder is in talks with investors.
Securing the necessary investment would enable Aquaponics Iberia to concretise the Fish n’ Greens project and to provide a solution for local, fresh, healthy and sustainable food, bringing together blue and green economy to transform food in European cities.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. For any questions, reach out to us at lu_blueinvest@pwc.com
Algae producer Algaria SRL reached out to new investors thanks to BlueInvest
The ocean is currently the source of only up to 2% of human food, although it covers more than 70% of the Earth’s surface. The recent communication “Towards a Strong and Sustainable EU Algae Sector” identifies farmed seafood as an important source of alternative protein for food and feed with a low-carbon footprint. The industrial cultivation of algae for human consumption has increased manifold over the past few decades. However, although popular in Asia, the uptake of algae production and consumption remains slow in the EU. Algaria is a young Italian start-up ready to tap into this huge potential, producing and distributing spirulina-based bioproducts, with the help of the EU Blueinvest programme.
EU support for innovative companies in the algae sector
Across Europe, several companies are developing disruptive solutions and technologies supporting the growth and sustainability of the algae sector but often they struggle to attract investors and gain access to finance.
Founded in 2016, Algaria SRL was among the first batch of companies benefiting from the BlueInvest Readiness Assistance programme. With this programme, the European Commission directly supports innovative companies in the algae sector and boosts investment in the industry’s cutting-edge technologies. The objective is to develop a more sustainable food system and to enable a transition to a circular European bioeconomy.
Producing spirulina algea in a circular way
The young Italian start-up produces and distributes highly nutritional alternative food and ingredients (spirulina algae), through its brand Spireat, without affecting the ecosystem. Since spirulina alga production has a high thermal need, Algaria uses an innovative circular system whereby the thermal energy of the biogas generated by the plants are used to heat a greenhouse all year round. All inputs and outputs are recuperated, and no raw materials are used. Water is also recuperated in the production process, resulting in a net zero impact. Moreover, Algaria has also developed a patent-pending breakthrough technology called e-pond that is capable of recovering by-products from the food industry, extracting the mineral residues and using them as as feedstock to support the growth of microalgae.
BlueInvest – coaching and connecting companies with investors
Through sessions with their BlueInvest coach, the start-up has improved its market and investment readiness and specifically worked on an entire business plan suitable to attract funding. BlueInvest has been particularly instrumental in helping the start-up to expand its network and identify key partners for R&D collaboration, not only thanks to the support of their coach but also their participation in BlueInvest events.
'The BlueInvest event helped us reach out to some really helpful connections, in order to run up some R&D projects together' says Antonio Ida, CEO, Algaria SRL'The networking experience was excellent'. And it is not over: going forward, Algaria has ambitious fundraising plans and is currently investing strongly in R&D to attain high technology readiness levels (TRLs). The company is in talks with banks and financial institutions for multiple funding options and has recently closed a deal worth €3.3 million with an investor. In CEO Antonio Ida’s words, 'We have quite a lot on our plate for now'.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. For any questions, reach out to us at lu_blueinvest@pwc.com
QED Naval: raising funds to raise marine energy
Russia’s invasion of Ukraine has severely disrupted the energy market in Europe. To deal with this emergency, the EU is reducing its needs for energy imports and speeding up its green energy transition, as laid out in the REPower plan of the European Commission. There is a great potential within the ocean for this transition, both in offshore wind and ocean energy. Through its BlueInvest initiative, the European Commission boosts innovation and investment in renewable energy technologies such as wave and tidal devices. The aim is to reach 40 GW of installed capacity by 2050, a target set in the EU Strategy on Offshore Renewable Energy.
QED Naval, a technology developer and project manager of tidal energy projects, has benefitted from BlueInvest, the EU-funded initiative which provides support and access to finance for early-stage businesses, SMEs and scale-ups in the blue economy. The company has developed an innovative, self-deploying tidal platform, which can slash the costs of deploying and maintaining turbines by around 60% and, through intelligent hydrodynamic design, improve yields from the site by up to 48%.
In 2020, QED Naval was nominated to an R&D project linking them in to a larger scheme that was seeking funding, equity and loans. They applied to the Cycle 3 of the BlueInvest Readiness Assistance programme with the aim of accessing finance.
During the 6-months coaching period, the BlueInvest coach worked closely with QED Naval to test its financial strategy, develop the team’s pitching skills, and introduce them to potential investors. QED Naval was connected to hundreds of investors.
The BlueInvest Readiness Assistance programme helped us to be investment ready and supported us with funding discussions says Keith Murray, Chief Commercial Officer of QED Naval
QED Naval started negotiation with three of the investors within two months of coaching. After only a year in their BlueInvest journey, the company had successfully raised €1 million from Seeds Crowdfunding. They later secured a place on the TIGER project, a big EU-funded project working on tidal energy, which led to an additional €3.5 million in funding.
QED Naval is now looking to advance its project development and to expand their company globally, notably towards China, which has shown a big interest for their technology.
BlueInvest showed excellent results and strong business impact on QED Naval fundraising journey, while furthering the decarbonisation ambitions of the EU Green Deal and the transformation of the EU’s energy market.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. For any questions, reach out to us at lu_blueinvest@pwc.com
BlueInvest supported fundraising for blue economy training start-up
Kanda is a Danish company that develops digital training solutions using virtual reality in the maritime and energy sectors. Following the completion of the EU BlueInvest Readiness Assistance programme, the start-up successfully raised $2 million from strategic investors. New training solutions are essential for the blue economy labour market where the energy transition is already resulting in job vacancies - up to 30% of offshore renewable energy companies are complaining of either the unavailability of the skills they need or a shortage of existing skills. By 2030, the number of jobs in the offshore wind energy sector alone might triple.
EU support to reduce the skills gaps in the blue economy
Through its communication “on a new approach for a sustainable blue economy in the EU – Transforming the EU's Blue Economy for a Sustainable Future”, the European Commission emphasised the necessity to reduce the skills gaps and increase training offers, to boost innovation, greening and digitalisation in blue economy sectors. Consistent with the later, the Commission is putting forward concrete activities in this respect, such as support through the European Maritime, Fisheries and Aquaculture Fund (EMFAF) and the new Blue Careers Call.
Beyond that, with its BlueInvest initiative, the Commission also directly addresses the skills gap in the blue economy notably by supporting SMEs developing trainings in the sector through customised coaching, visibility, access to investors and investment-readiness advice.
Virtual reality to make certificate training collaborative, engaging and cost-effective
Founded in 2010, Kanda was among the first batch of companies benefiting from the BlueInvest Readiness Assistance programme. The SME focuses on providing easily accessible education and certified training in heavy industries and develops immersive digital learning applications that enable collaborative teamwork across various platforms. Kanda uses virtual reality to make certificate training collaborative, engaging, and cost-effective. With a concept of training in the maritime and energy sectors, the digital platform offers classroom learning with interactive scenarios that can handle simulations and can be configured based on the skill level of the user.
BlueInvest – coaching and connecting companies with investors
When applying to the BlueInvest Readiness Assistance programme in 2020, Kanda was seeking funding for an online training platform they were developing with several maritime stakeholders to provide virtual training adapted to the needs of the companies in the sector including among others security procedures training or installation procedures in the offshore renewables sector. Following the company’s selection to the Readiness Assistance programme, a BlueInvest coach worked with the team on their pitching skills and market and investment readiness. ‘Our BlueInvest Coach has been excellent in helping us improving our pitch skills and introducing us to a number of relevant investors in the sector’ says Kristian Emil Andreasen, CEO of Kanda. Following the completion of the Readiness Assistance programme, the start-up successfully raised $2 million from strategic investors from Singapore, namely the shipping company Eastern Pacific Shipping, joined by existing shareholders from Techstars.
While still looking for funding, Kanda is currently focusing on internal and business development, including the development of procedures improving its efficiency as well as the creation of a marketplace.
Background
BlueInvest Readiness Assistance is an exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 7th of April 2023. For any questions, you can reach out to lu_blueinvest@pwc.com.
Kanda’s BlueInvest Experience: BlueInvest Community, BlueInvest Readiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day
SEAentia-Food: Growing with BlueInvest
Farming finfish, shellfish and aquatic plants in the sea or inland waters is one of the world’s fastest growing food sectors. It already provides the planet with more than half of all the seafood and fish we eat.
Through the strategic guidelines for a more sustainable and competitive EU aquaculture for the period 2021-2030, the Commission provides a common vision for EU countries, the aquaculture sector and other stakeholders to develop the sector in a way that contributes directly to the European Green Deal and the Farm to Fork Strategy. To do so, the EU also supports research and innovation in the aquaculture sector, tackling all issues from interactions with the environment, health and nutrition of farmed fish, to reproduction and breeding.
And talking about innovation in aquaculture, SEAentia is a great example.
This young Portuguese start-up pioneers in meagre production - from hatchery to commercial size - in a sustainable and environmental-friendly recirculating aquaculture system, where animal welfare is a major concern.
Since the foundation of the company in 2017, SEAentia’s team has been trying its best to grow the project by acquiring external investment; however access to funding is never easy, and the company faced challenges finding the right skillsets to attract investors.
Then BlueInvest kicked in: SEAentia was among the first companies benefiting from the BlueInvest Readiness Assistance programme, which provided the team with the business support they needed.
This kind of programme is extremely important because it gives support to potentially good projects and teams which are missing the extra knowledge, necessary for those projects to be successfully implemented. For us, it gave a huge boost and allowed us to find investment. (…) BlueInvest supported us and we will be successful!
João Rito, Founding Partner of SEAentia
Through sessions with their BlueInvest coach, SEAantia has improved its market and investment readiness, specifically worked on its business plan, and its reach to potential investors. Taking part in the many BlueInvest events organised across Europe was beneficial to building up the company’s network and increase the visibility of the project.
Positive results came in shortly: with the support from BlueInvest, SEAentia raised a total of €1.12 million from several sources including private investors.
The start-up’s next step is to scale up its next idea and secure funding while continuing to address the global challenge of feeding the growing human population with high-quality products.
Background
BlueInvest Readiness Assistance is an exclusive EU coaching programme for high potential start-ups and SMEs in the EU with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 7 April 2023. For any questions, reach out to lu_blueinvest@pwc.com.
Gazelle Wind Power Limited - Fulfilling the ambition
Today, offshore wind produces clean electricity that competes with, and sometimes is cheaper than existing fossil fuel-based technology.
It is a story of undisputed European technological and industrial leadership: European laboratories and industries are rapidly developing a range of technologies to harness the power of our seas for producing green electricity, going from floating offshore wind to ocean energy technologies such as wave or tidal, floating photovoltaic installations and the use of algae to produce biofuels.
It’s very clear to the European Commission that supporting technological innovation in the offshore energy sector is paramount for a sustainable EU growth model, a decarbonised economy, and energy diversification.
The EU Strategy on Offshore Renewable Energy, dating back to November 2020, proposes to increase Europe's offshore wind capacity from its current level of 12 GW to 300 GW by 2050. And it’s not just that. Additional 40 GW coming from ocean energy and other emerging technologies such as floating wind should also be harnessed from our seas by 2050.
Across Europe, innovative companies are developing disruptive solutions and technologies to meet these goals. However, often it’s difficult for them to attract investors and access to finance.
Blue Invest, the European Commission’s initiative that aims to boost innovation and investment in sustainable technologies for the blue economy, is there to help.
Born in 2020, Gazelle Wind Power is a young Irish company founded with the aim of accelerating the transition to renewable energies by introducing the next generation of advanced offshore wind platforms.
The Gazelle Wind Power hybrid floating platform is more compact and simpler to build, deploy, and maintain than other floating platforms. Lighter than conventional platforms, it uses approximately 70% less steel and is one-third the weight of other floating platforms. Its patented technology, also significantly reduces costs making it a more affordable and accessible solution for deep water deployment.
In 2021, Gazelle Wind Power - a start-up newly entering the market, joined the BlueInvest Readiness Assistance programme.The coaching sessions with BlueInvest enabled the company to develop its marketing and growth strategy, improving execution capacity, and facilitating access to finance. In just a few months, the coach supported Gazelle Wind Power in identifying different financing schemes that suit the company’s objectives, as well as contacted over 30 investors.
"I’m very grateful to the BlueInvest team and our coach for assisting us. Our coach has gone the extra mile.” - Jon Salazar, Founder of Gazelle Wind Power
Following the completion of BlueInvest Readiness Assistance, Gazelle Wind Power closed its previous investment round at €2.9 million. The company is now in contact with investors for further opportunities, taking offshore wind energy one step closer to meeting the EU Green Deal’s objectives
Background
BlueInvest Readiness Assistance is an exclusive EU coaching programme for high potential start-ups and SMEs in the EU with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 7 April 2023. For any questions, reach out to lu_blueinvest@pwc.com.
Gazelle Wind Power’s BlueInvest Experience: BlueInvest Community,BlueInvestReadiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day
Hydro Volta gaining significant visibility thanks to BlueInvest
Hydro Volta is a Belgian start-up that proposes a sustainable method of producing drinking water from seawater, addressing the global water shortage in an economical and ecological way. Through the EU BlueInvest Readiness Assistance programme, the start-up developed a better understanding of the financial concepts essential for its growth. In addition, Hydro Volta gained visibility from the BlueInvest events and pitching sessions, meeting prospective investors and networking with potential customers.
Insufficient water resources to meet the demand
High quality, safe and sufficient drinking water is essential for public health and well-being. However, in a world plagued by growing climate concerns and impending water scarcity, water resources become insufficient to meet the joint demand of humans and nature. About 97% of the earth’s water is salt water, plentiful in the seas and oceans. Making the available saltwater fit for human consumption is therefore absolutely necessary. With the promise of water security for the future, the process of desalination has gained momentum around the world. Desalination is the process of purifying saline water to convert it into fit-for-use freshwater — the modern world’s solution to the global water crisis.
Hydro Volta’s sustainable method to produce potable water from seawater
Tapping into the potential of this market, the Belgium-based Hydro Volta’s patented desalination technology provides a sustainable method to produce drinking water from seawater. The technology combines electrodialysis, ultrasound technology (SonixED) and other membrane technologies (low pressure osmosis) to produce potable water from seawater. Hydro Volta’s process consumes less energy, uses fewer chemicals and has a smaller carbon footprint than the average desalination technology.
Hydro Volta’s business model entails putting their desalination technology within a ready-to-use and plug-and-play unit, including a unique online water quality monitoring control system. This technology for desalination and decontamination can particularly help in remote areas or in places where water salinity varies as the user only needs to calibrate the device as required.
Hydro Volta's innovative desalination technology is not only suitable for producing drinking water but also for industrial water recycling. With the increasing demand for water in various industries such as manufacturing, agriculture, and energy production, industrial water recycling has become an important solution to water scarcity. Hydro Volta's technology can purify wastewater from these industries and convert it into usable water, reducing the need for fresh water and minimising the impact of industrial activities on the environment.
Backed by a successful funding subsidy from the European Innovation Council (EIC) Accelerator in the year 2020, Hydro Volta has come a long way. Established by founders who bring more than 20 years of experience in water treatment, the company has piloted two projects with government water supply companies in Belgium — Watergroep, Aquaduin, and FARYS — and is awaiting a third pilot project with BASF, a chemicals company in Germany to reduce water waste in rivers and seasides.
BlueInvest - coaching companies and supporting their networking
With ambitious fundraising plans aimed at improving their commercialisation activities and enhancing their product line globally, Hydro Volta participated in the BlueInvest Readiness Assistance programme. The BlueInvest coach assigned to them helped Hydro Volta to visualise their business from a different perspective, receiving support even during their EIC Accelerator journey. As a start-up focusing primarily on technology, the BlueInvest coach helped reorient Hydro Volta’s focus to gain a better understanding of financial concepts key to its growth. Additionally, Hydro Volta benefited from the BlueInvest events and pitching sessions. Meeting prospective investors and networking with potential customers gave them significant visibility.
Having funded their own growth all this while, Hydro Volta now wants to scale up their operations, and therefore fundraising is of paramount importance at the moment. Funding from EIC and support from the Belgian government have paved the way for success at Hydro Volta, and there’s no stopping them going forward. According to co-founder and CEO George Brik, it is difficult to convince customers with new technology in water treatment since the market in this field is stable. Nevertheless, Hydro Volta is planning to go big. According to Brik,
We now have a team of 12 experts. The aim is to have 20 people on board by the end of this year, and 100 people in the next five years. Revenue in five years is planned at €70 million. All this should help our acceleration.
BlueInvest Readiness Assistance is an exclusive coaching programme for high potential EU start-ups and SMEs proposing innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 7 April 2023. For any questions, you can reach out to lu_blueinvest@pwc.com.