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SeaQurrent successfully closes € 4.8M funding round

Wednesday November 2nd, 2022

(Nederlands) SeaQurrent, the builder of the spectacular underwater kite near Ameland, welcomes five new investors. Together with existing shareholders, the new investors are investing over €4.8 million in the company.

Dutch company SeaQurrent® is developing an innovative renewable energy generator, the TidalKite™. This is an underwater kite that generates energy from tidal currents. In 2016, the development took concrete form and after testing several scale models – at MARIN and in the Wadden Sea – SeaQurrent is now working towards a demonstration of the fourth model of the TidalKite near Ameland.

“Tidal energy will become an important part of the European energy mix,” SeaQurrent CEO Youri Wentzel believes. “We are extremely proud to have successfully completed the planned financing round. This investment enables us to further shape the further development of our technology and the preparation of pilot projects. The investors joining now will also contribute to further growth and professionalisation of our company.”

The new investors are EIT InnoEnergy, PMH Investments, Invest-NL, the Frisian Development Company (FOM) and the Investment and Development Company of the Northern Netherlands (NOM). Durk van der Meer, managing director at PMH Investments, says: “Besides the fact that the TidalKite development is innovative and highly relevant to society, the entrepreneurial spirit, organisational composition, passion and vision of SeaQurrent’s team were especially decisive for our investment. We will contribute to this with great enthusiasm.”

Klaas Kooistra, investment manager at FOM: “SeaQurrent is developing a wonderful product for application in Friesland, with a global market. Which translates into huge export potential, investments in sustainable projects and employment. This fits perfectly with our goals.”

How does the TidalKite work?

The TidalKite is a nine-by-twelve-metre underwater kite that will soon generate enough electricity for 700 households. A TidalKite tidal power plant will consist of several underwater kites. Each underwater kite is attached with a high-tech cable to an anchor in the seabed and flies underwater transverse to the current. The pulling power generated by the kite drives a hydro motor, which in turn runs a generator. Thus, a predictable amount of green electricity is supplied to the grid every day of the year. The impact on the environment and landscape is minimal.

Watch the film about the scale model of the Tidal Kite.

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