Here you can read the full press release
Swedish startup Zparq has successfully closed a €2.5 million seed round led by Santander AM, Almi Invest Greentech, and EIT InnoEnergy. They develop compact electric marine motors that provide emission-free propulsion with a low CO2-footprint. Zparq’s motors are smaller and more efficient than alternatives, reducing raw material usage and environmental impact. Their technology is scalable and modular, catering to recreational boats and commercial vessels. The company is in the pilot phase with multiple OEMs and aims to have units operating in the water by summer. With their innovative approach, Zparq is poised to revolutionize marine propulsion and contribute to a more sustainable maritime industry.

Zparq – The Swedish startup company that develops the world’s most compact electric marine motors has closed EUR 2.5 M seed round, to bring Zparq’s innovative technology to the market with emission-free marine propulsion and a low CO2-footprint over the whole value chain.

Funding round co-led by Santander AM (through Santander InnoEnergy Climate Fund), Almi Invest Greentech and current investor EIT InnoEnergy.

Zparq provide electric motors and complete powertrains for recreational boats and commercial vessels, where an environmentally friendly, efficient, and quiet propulsion with minimal maintenance is required.

Based on a disruptive technology, Zparq’s marine motors are significantly smaller and more efficient compared to all alternatives on the market. The light design reduces raw material and CO2 footprint with more than 50% in production, and the products are from start designed with a circular approach, thus reducing the environmental impact and climate footprint over the entire life cycle.

The scalability and modularity of Zparq’s technology enables product offerings in segments where there are no submersible motors today. This makes the Zparq motor very versatile and cost efficient as the same technology can be used in many applications and market segments – for the full range of recreational boats as well as for commercial vessels.

Zparq originates from a collaboration between the founders and Royal Institute of Technology in Stockholm (KTH), where the technology has been developed and tested on underwater robots and foiling vessels, since 2017. Zparq AB was founded in 2020 and joined InnoEnergy’s portfolio, who became the first institutional investor and supporting company’s grow.

“We are very happy to get Santander AM and Almi Greentech as new investors, they will provide us with the support required to finalize development of our first products and enable shipment to our customers already this year” says Jonas Genchel, CEO of Zparq, and continues: “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 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”, ends Jonas Genchel.

Santander InnoEnergy Climate Fund is the initiative created by Santander AM and EIT InnoEnergy to accelerate the energy transition. It is a venture capital fund, which invests in early-stage companies in sectors such as circular economy, energy storage & efficiency, transport & mobility, smart buildings, cities & grids, hydrogen, circular economy etc. Santander AM is the portfolio manager of the fund, which will invest mainly in companies from EIT InnoEnergy’s portfolio.

Almi Green Tech is a prominent venture capital firm specializing in green technologies and sustainable solutions. The firm invests in innovative companies with high growth potential that contribute to mitigating climate change and preserving the environment. Almi Green Tech’s portfolio includes a diverse range of companies across the renewable energy, clean transportation, and circular economy sectors.

EIT InnoEnergy is the largest impact cleantech investor in Europe, supporting and investing in sustainable energy innovations. With a comprehensive network and extensive industry knowledge, EIT InnoEnergy supports innovative companies to develop and commercialize their sustainable energy solutions, driving the transition to a net-zero future.

For more information, please contact:
Jonas Genchel, CEO Zparq
Mobile: +46 733 268 018
jonas@zparq.se

Santander InnoEnergy Climate Fund:
Giovanni Bologna, Portfolio Manager, +34 682 502 122 giovanni.bologna@santanderam.com
Almi Greentech: Boris Gyllhamn, Investment Manager; +46 073 084 51 35, boris.gyllhamn@almiinvest.se
InnoEnergy: Siimon Vaske +46 730 808 700, siimon.vaske@innoenergy.com

About Zparq
Zparq is challenging the limits of marine propulsion by providing the most compact and scalable direct-drive system for propeller-driven watercrafts on the market. Zparq offers electric motors and complete powertrains for the full range of leisure boats as well as commercial vessels, enabling an environmentally friendly, efficient, and quiet propulsion with minimal maintenance.

With products and services designed to be sustainable over the whole value chain, and with a circular approach, our vision is to change marine propulsion as you know it