EEL Energy closes fundraiser with new investors on board

Business & Finance

September 1, 2022, by Amir Garanovic

French pioneer of membrane-based tidal energy converters EEL Energy has closed an equity round, securing existing shareholders’ support and brining new international investors to the company.

EEL Energy’s scaled tidal energy converter (Courtesy of EEL Energy)

The equity round, whose aim was to secure up to €2 million in funding, was closed on August 31, 2022, marking the arrival of new investors in the company, EEL Energy informed.

The exact amount secured in this equity round has not been disclosed by EEL Energy, but according to the French developer, new business angels from France and United States have come on board, attracted by the recent track record of the company.

To remind, EEL Energy reached an ‘important milestone’ in May 2022 with the piloting of a 30-50KW tidal energy converter in the French city of Brest.

Early results have confirmed the successful upscaling the 3-5kW prototypes that have been in operation for the last two years, EEL Energy said.

The machine, built as a floating device, captures kinetic energy from river or tidal currents near the water surface where highest water velocity is typically found.

EEL Energy’s tidal energy converter has been designed to replicate the undulating movements of marine life, consisting of a membrane that optimizes energy transfer by coupling fluid flow with an undulating structure.

Energy is converted along the whole length of the membrane surface which undulates under moving fluid pressure, and this periodic motion is transformed into electricity by an electromechanical system.

The prototyping achievements have paved the way for further upscaling of the technology to 100-150KW systems for river and tidal markets, and utility-scale 750kW-1MW tidal power converters, the company said.

In parallel, EEL Energy is preparing the commercial launch of a 3-5kW devices for early 2023, designed for rural electrification in rivers or canals. The solution is an attractive alternative to diesel generators, which are expensive to operate and highly carbonated, and can be implemented as main or back-up power in conjunction with solar, wind and energy storage, according to the company.

In addition, EEL Energy appointed Emmanuel Barre as its chairman of, effective from July 1, who will be working alongside Franck Sylvain, CEO of the company.