Equinox Ocean Turbines secures funding for ocean current tech project

Dutch company developing innovative ocean energy technology, Equinox Ocean Turbines, has received funding from Samenwerkingsverband Noord-Nederland (SNN) Valorisatie and the European Regional Development Fund (EFRO) to support the development of its ocean current technology.

The project is being carried out in collaboration with the University of Groningen.

“This support accelerates our mission to harness clean energy from ocean currents,” the company said in a social media post.

The amount of funding has not been disclosed. Equinox also thanked its funding and academic partners, adding: “Thank you to our funding partners and university collaborators for believing in the potential of ocean current technology!”

In July 2024, Equinox Ocean Turbines closed its seed funding round, raising €2.4 million from EIT InnoEnergy, Damen Maritime Ventures, NOM, FOM, Init Power, and two private investors. 

The seed funding round followed a pre-seed investment that helped develop Equinox’s business model, validate the technology through third-party verification, and explore the emerging market for clean energy baseload.