The Saint Nazaire-based startup Geps Techno has adopted new financial sources with a fund raising campaign and Bpifrance grants to accelerate its international expansion.
Geps Techno has developed an independent offshore platform MLiner, known as the ‘swiss army knife of energy’, which combines several sources of renewable energy including solar, wind, wave and tidal, to provide electricity to islands, isolated areas and sites at sea.
The project has already produced one prototype, known as PH4S, according to the regional development agency of Pays de la Loire, but for now, the company is offering two product lines: independent small power platforms and ship stabilizers.
Geps Techno has announced the reinforcement of its capital with a €1 million fund raising campaign among its shareholders and STX France, the preferred industrial partner of the start-up since it was established.
This is in addition to a €1 million grant allocated by Bpifrance to support R&D work, the agency informed.
Also, the company hired a sales manager specialized in innovative products to support Geps Techno’s intention to expand internationally.
The start-up is also preparing a new fund raising campaign for €2 million in 2017, the regional development agency of Pays de la Loire said.