Irish based hydrokinetic developer, GKinetic Energy is delighted to announce the opening of a €2 million funding round focused on ramping up Commercialization activities, building out the sales pipeline to 2025 and execution of a hiring and expansion plan.
GKinetic Energy’s innovative hydrokinetic turbines enable clean, reliable energy generation. The company wishes to become the go-to supplier of distributed hydro solutions that can unlock clean energy from free flowing water just about anywhere and within a matter of hours.
80% of the market for distributed-scale hydrokinetic energy generation remains untapped, representing a minimum 6 million of the company’s market-ready 12kW units. To win just 1% market share would mean sales of 60,000 units and €3.9 billion in turnover.
With over €5m soft funding gone into extensive development of the tech and numerous deployments completed, October last year saw GKinetic take strategic equity investment for the first time from Oslo based VC ‘Katapult Ocean’ and participate in their world-renowned accelerator programme.
Speaking to CEO Vincent Mc Cormack:
“2022 has been a big year of milestones for GKinetic; successfully closing out a pivotal demonstration of our now market-ready 12kW unit; securing LOIs from major Utilities, Power Generation Companies and Energy Players; filing a new key patent to further strengthen our competitive edge and making significant headway in streamlining regulatory barriers.”
COO & Co-Founder Roisin Mc Cormack, who is leading the fundraising work, had the following to say about the new round:
“We now find ourselves at a beautiful inflection point with a pipeline full of opportunities and really exciting project enquiries. This raise is solely commercial focused as we execute a substantial Go-To-Market plan, build out the team and line up for a really strong Series A.
As a cleantech developer, it is encouraging to see investors and Corporate Ventures with positive impact at the heart of their mandate gaining momentum. We are being super-targeted in who we approach, we’re looking for impact investors who ideally; have experience and connections in the Energy space (specifically Renewable Generation and DERs); who appreciate and value the environmental and societal improvements that our technology will unlock and who can accelerate our market roll-out with access to customers and projects with replication potential”.
In today’s climate of energy uncertainty, there is a notable shift happening towards decentralized and independent energy generation: GKinetic’s range of hydrokinetic solutions pose huge potential to unlock energy locally and predictably. The solution’s patented design means it is highly efficient in average flow speeds of 1-2 mps with no height drop required so the mass market of rivers, canals, estuaries and tidal flows can be accessed quickly and cheaply.
The turbine’s unique design also means it handles fish, wildlife and debris very effectively. GKinetic has just completed a pivotal deployment proving just how versatile the product is. The core patented concept that makes the device so efficient is extremely adaptable and can be deployed as a turn-key floating unit or just the turbines themselves can be fixed to existing infrastructure such as bridge pillars and canal walls making it suitable for a variety of market segments and applications.