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EIT InnoEnergy-supported electric marine motor company Zparq raises EUR 2.5 M

Swedish start-up Zparq has successfully closed a EUR 2.5 million seed round led by Santander AM, Almi Invest Greentech, and EIT InnoEnergy.

"We are very happy to get Santander AM and Almi Greentech as new investors, they will provide us with the support required to finalise development of our first products and enable shipment to our customers already this year" said Jonas Genchel, CEO of Zparq.

A motor that leaves the competition in its wake

Zparq is developing the world’s most compact electric marine motors with emission-free propulsion and a low CO2 footprint throughout its value chain.

Our scalable and modular technology has generated an overwhelming interest from boat manufacturers and ship builders globally, and we have customers within the complete range from small leisure boats to commercial vessels waiting for our powertrains. The company is currently in the pilot phase with several OEMs and boat builders who are testing its 10kW and 50kW motors. It aims to have several units operating in water by this summer.

Jonas Genchel, CEO of Zparq

Zparq is a collaboration between its founders and the Royal Institute of Technology in Stockholm (KTH), where the technology was developed and tested on underwater robots and foiling vessels. Zparq AB was founded in 2020 and joined EIT InnoEnergy, who both guided the company's growth and was its first institutional investor.

More about the investors

Santander InnoEnergy Climate Fund is a venture capital fund created by Santander AM and EIT InnoEnergy to accelerate the energy transition. It invests in early-stage companies in sectors like the circular economy, energy storage and efficiency, and transportation. Santander AM manages the fund’s portfolio and it mainly invests in companies within the EIT InnoEnergy community.

Almi Green Tech is a prominent venture capital firm specialising in green technologies and sustainable solutions. The firm invests in innovative companies with high growth potential and the ability to help mitigate climate change and preserve the environment.