Swedish marine propulsion startup ZParq announced it has successfully completed a seed round led by cleantech investors, totaling 2.5 million euros ($2.68M). With the fresh funding, ZParq looks to bring its compact electric marine motors, powertrains, and other adjacent technologies to market to help decarbonize the segment.
ZParq is a young startup founded in Sweden in 2020, which, according to the company, was founded to challenge the limits of marine propulsion by providing the most compact and scalable systems for propeller-driven watercraft. Furthermore, the startup is striving to deliver products that are designed to be sustainable over the entire value chain. Per the company site:
Our founding team covers the span of electromechanical design, hydrodynamics, electronics and product design. We’ve been developing our technology to fill the gap where compact submersible electric propulsion systems are needed for high performance applications.
As you’ll see below, ZParq has already developed and sleek and compact portfolio of marine technologies, including electric motors, battery packs, inverters, levers, and even a steering joystick. Early on, ZParq joined the portfolio of EIT InnoEnergy – the largest impact cleantech investor in Europe, who was the startup’s first institutional investor.
Now, EIT InnoEnergy, along with a couple of other capital venture funds, have opened up their checkbooks to help get ZParq’s electric marine motors out to market and beyond.
ZParq’s electric marine motors are sustainable end-to-end
The startup recently shared details of its successful seed round coled by Santander (via the Santander InnoEnergy Climate Fund) and Almi Invest GreenTech. EIT InnoEnergy also participated once again.
Each of these funds is focused around investments in early-stage companies developing new technologies to support a circular economy and combat climate change. Clearly, they see potential in ZParq – which is touting all-electric marine motors that are significantly smaller and more efficient compared to everything else on the current market.
ZParq states the motor’s light design reduces raw material and CO2 footprint by more than 50% in the production phase, and the circular design approach of its products helps reduce their environmental impact and climate footprint throughout their entire life cycle. ZParq CEO Jonas Genchel spoke to the successful seed round and the venture capitalists that have shown their support:
We are very happy to get Santander and Almi Invest 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. 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
It appears ZParq already has plenty of exciting electric marine technology in the works, including more powerful motors, so we will be sure to track its progress as these products approach market launch. A fresh 2.5 million euros should certainly help it continue to innovate and hopefully find success. More to come.
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The global wind industry installed 117 gigawatts (GW) of new capacity in 2023, making it the best year ever for new wind energy – here’s what happened and where.
The Global Wind Report 2024, newly released by the Global Wind Energy Council representing the entire wind energy sector, found that the 117 GW of installations in 2023 represent a 50% year-over-year increase from 2022. Annual wind installations increased in all regions except Europe and North America.
Further, the year saw 54 countries representing all continents build new wind power. The top 5 markets for new wind installations are China, US, Brazil, Germany, and India.
China set a new record with 75 GW of new installations commissioned, which makes up nearly 65% of the global total. That underpinned a record year for the Asia-Pacific region, which saw year-over-year growth of 106%.
Brazil installed 4.8 GW of wind in 2023, putting the country in third place globally. As a result, Latin America also saw record year-over-year growth of 21%.
Wind installations in Africa & Middle East increased in 2023 by 182% compared with 2022.
Global cumulative wind power capacity passed the first 1 terawatt (TW) milestone in 2023, and now totals 1,021 GW, following year-over-year growth of 13%.
Onshore wind had the best year on record in 2023, surpassing 100 GW in a single year with 106 GW, or a year-over-year growth of 54%. Offshore wind had its second-best year on record with 10.8 GW total installed.
The Global Wind Energy Council announced that it’s revised its 2024-2030 growth forecast (1210 GW) upwards by 10%, in response to the wind industry “entering a new era of accelerated growth driven by increased political ambition.”
Ben Backwell, CEO of GWEC, said:
It’s great to see wind industry growth picking up, and we are proud of reaching a new annual record. However, much more needs to be done to unlock growth by policymakers, industry, and other stakeholders to get on to the 3X pathway needed to reach net zero.
Growth is highly concentrated in a few big countries like China, the US, Brazil, and Germany, and we need many more countries to remove barriers and improve market frameworks to scale up wind installations.
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Tesla confirmed that it spent $200,000 to advertise on Elon Musk’s X, formerly Twitter, so far.
For years, Musk has famously said that he despises advertising. He said that Tesla doesn’t pay or provide discounts for celebrities to drive its cars and that the automaker doesn’t pay to advertise – though we have seen exceptions before.
Tesla fans and investors have often suggested that the company at least try it, but the CEO consistently pushed back against the idea – going as far as saying that he “hates” advertising.
But interestingly, things started to change after Musk bought Twitter, which is reliant on advertising.
A few months after Musk acquired Twitter, Tesla held its annual shareholders meeting and the CEO was asked about Tesla starting to advertise.
Musk even pointed out the irony of the situation:
“It’s indeed ironic. Twitter is highly dependent on advertising. Hear I am, never really used advertising before and now I have a company that is highly dependent on advertising. I guess I should say that advertising is awesome and everyone should do it.”
The CEO then announced that Tesla would indeed start to advertise.
We had doubts that Tesla would start advertising on X because of the conflict of interest nad on top of it, Musk himself ad mitted that it would be “preaching to the choir.”
However, we were wrong.
X users reported starting to see Tesla ads on X starting in February 2024.
Today, with the release of its proxy statement for its 2024 shareholders meeting, Tesla confirmed that it spent $200,000 on advertising on Elon Musk’s X:
X is party to certain commercial, consulting and support agreements with Tesla. Under these agreements, X incurred expenses of approximately $1 million in 2023 and approximately $0.02 million through February 2024, and Tesla incurred expenses of approximately $0.05 million in 2023 and approximately $0.03 million through February 2024. As part of a multi-platform advertising campaign, Tesla also directly or indirectly purchased advertising on X, which totaled approximately $0.2 million through February 2024.
Tesla has to disclose transactions with “related parties” of its board members and executives.
The other transactions mentioned with X, including the $1 million of “incurred expenses”, is believed to have to do with Musk using Tesla engineers at X:
The information included in the proxy makes it unclear if Musk asked Tesla’s board to use the engineers or even if X ended up paying for the services as it is only listed as “incurred expenses”.
Electrek’s Take
This is such a strange situation that you just generally not see at major companies like Tesla.
It’s clear that Elon didn’t want Tesla to advertise on Instagram and Facebook, but it did anyway at the same time as it started advertising on X – seemingly to make it easier to swallow.
But these transactions between Tesla and X are for sure going to be investigated since even though Tesla obviously tries to keep things as vague as possible in the statement, statements and testimonies around his compensation lawsuits point to Elon not asking Tesla’s board to use Tesla engineers and after the fact, they made this “$1 million deal” to make things OK.
It’s dangerous legal tight rope to use resources of a public company you manage for a private company you own.
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The US Department of Energy has just released its first-ever roadmap to speed up the connection of more clean energy to the grid.
The goal is to finally clear the huge backlog of solar, wind, and battery projects waiting to be built. According to a report recently released by DOE’s Lawrence Berkeley National Laboratory, nearly 2,600 gigawatts of clean energy generation and battery storage capacity are actively seeking grid interconnection.
The Transmission Interconnection Roadmap, developed by DOE’s Interconnection Innovation e-Xchange (i2X), is for all stakeholders, from transmission providers to interconnection customers to state agencies and more.
The roadmap also sets aggressive targets for interconnection improvement by 2030 and outlines tools to quickly and efficiently connect more clean energy projects to the grid.
Ultimately, the roadmap is designed to ensure the Biden administration’s goal of 100% clean electricity by 2035 is achieved.
US Secretary of Energy Jennifer M. Granholm said:
Clearing the backlog of nearly 12,000 solar, wind, and storage projects waiting to connect to the grid is essential to deploying clean electricity to more Americans.
Through the i2X program, the Biden-Harris Administration is accelerating the interconnection process by ensuring all stakeholders have better access to data and improved standards and procedures as we seek to develop and maintain a more efficient, reliable and clean grid.
Increase data access, transparency, and security for interconnection. This offers solutions to improve the scope, accessibility, quality, and standardization of data on projects already in interconnection queues. It also aims to enhance the scope, timeliness, accuracy, and consistency of interconnection study models and modeling assumptions that transmission providers make available to interconnection customers.
Improve interconnection process and timeline. This contains solutions to improve queue management practices, affected system studies, inclusive and fair processes, and workforce development.
Promote economic efficiency in interconnection. This offers solutions to improve cost allocation, reduce costs to electricity consumers, enhance the coordination between transmission planning and the interconnection process, and optimize the rightsizing of transmission investment through improvements in interconnection studies.
Maintain a reliable, resilient, and secure grid. Includes updating technical requirements within interconnection studies, models, and tools while also improving industry interconnection standards.
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