Swedish marine propulsion startup ZParq has recently concluded a successful seed round, raising €2.5 million ($2.68 million) in funding. The investment, led by cleantech investors, signifies a major step forward for ZParq in its mission to introduce compact electric marine motors, powertrains, and related technologies to the market, thereby contributing to the decarbonization of the marine industry.
Established in 2020, ZParq aims to revolutionize marine propulsion by offering highly compact and scalable systems for propeller-driven watercraft. The company prides itself on delivering sustainable solutions throughout the entire value chain. With a team well-versed in electromechanical design, hydrodynamics, electronics, and product design, ZParq has been diligently developing its technology to address the demand for compact submersible electric propulsion systems in high-performance applications.
ZParq has already developed an impressive portfolio of sleek and compact marine technologies, including electric motors, battery packs, inverters, levers, and even a steering joystick. The startup first attracted the attention of EIT InnoEnergy, the largest impact cleantech investor in Europe, which became its initial institutional investor.
Building upon this initial support, ZParq has now successfully secured additional funding through its recent seed round. The investment was co-led by Santander, through the Santander InnoEnergy Climate Fund, and Almi Invest GreenTech, with continued participation from EIT InnoEnergy.
These venture funds are focused on investing in early-stage companies that are developing new technologies to foster a circular economy and combat climate change. Their involvement in ZParq underscores the potential they see in the startup, which is poised to disrupt the market with its all-electric marine motors that are not only significantly smaller but also more efficient compared to existing options.
ZParq emphasizes that its motors’ lightweight design reduces both raw material usage and CO2 emissions by over 50% during the production phase. Furthermore, the startup adopts a circular design approach for its products, which helps minimize their environmental impact and climate footprint throughout their entire life cycle.
Jonas Genchel, the CEO of ZParq, expressed his delight regarding the successful seed round and the support from venture capitalists. Genchel stated, “We are very happy to get Santander and Almi Invest GreenTech as new investors; they will provide us with the support required to finalize the development of our first products and enable shipment to our customers already this year.” He further highlighted the overwhelming interest from boat manufacturers and shipbuilders globally, with customers ranging from small leisure boats to commercial vessels eagerly awaiting ZParq’s powertrains. The company is currently in the pilot phase with several original equipment manufacturers (OEMs) and boat builders, who are testing its 10kW and 50kW motors. ZParq aims to have multiple units operational in water by this summer.
With its impressive lineup of electric marine technology, including more powerful motors in the pipeline, ZParq’s progress will be closely monitored as these products near market launch. The recent infusion of €2.5 million in funding will undoubtedly fuel further innovation and potentially pave the way for success in the industry. Exciting times lie ahead for ZParq, and we eagerly await more developments.
