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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.

  • electric marine motors
  • electric marine motors

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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Daily EV Recap: March 18, 2024

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Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links):

Audi unveils Q6 e-tron: a new standard for next-gen premium EVs

Rivian gains access to Tesla’s Supercharger network, free adapter coming

Mercedes-AMG teases first look at its sporty electric supercar poised to rival Porsche, Lucid

Tesla Roadster won’t really be a car, says Elon Musk

VinFast to invest hundreds of millions to implement own global line of branded EV chargers

Why you might be charging your EV wrong – and what to do instead

Listen & Subscribe:

Share your thoughts!

Drop us a line at tips@electrek.co. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

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You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

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Tesla helps cancer patient get a Cybertruck sooner

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Tesla helps cancer patient get a Cybertruck sooner

Tesla has helped a cancer patient and Cybertruck reservation holder get his electric pickup sooner – going against its own policy.

According to Elon Musk, Tesla has a strict policy of not giving people preferential treatment when it comes to delivering new models sooner or at a discount.

That has been questioned lately as a bunch of celebrities were spotted in early Cybertrucks, but now we get a confirmed example of Tesla accelerating a delivery for a customer – though I don’t think anyone is going to criticize that one, and for good reasons.

A Cybertruck reservation holder going by Michael posted on the Cybertruck Owners Club about his unfortunate situation. He is a self-described “Tesla loyalist” who was diagnosed with stage 4 cancer, and he was concerned that he could die before getting his Cybertruck.

He posted about his situation on the forum in the hope that someone could help him accelerate his delivery:

I am rn 112956xxxx. (Vista) CA. Diagnosed with stage 4 cancer last year. In a clinical trial which is helping. Be nice if I could move up to even a FS order. Hoping to experience the CT in case I don’t hang around long enough for the delivery projection. Tesla loyalist with M3, Solar and 2 Powerwalls customer. Sometimes making requests can help.

Michael received many different messages from forum members offering help or encouragement, and eventually, word got to Tesla.

He shared this update:

To all the super kind Cybertruckers. I want to share that Tesla stepped up incredibly well for me. Without sharing too much I will soon have a purchased delivery of my own.

That was on March 1st.

Yesterday, Michael confirmed that Tesla delivered his Cybertruck, and the automaker not only accelerated the delivery, but made quite a nice event out of it – bringing three other Cybertrucks to the delivery:

“Our new beast arrived, plus support from a Rose Gold, a Black, and another Stainless Cybertruck. They made a grand entrance, filled the driveway, and were there to address any new needs or concerns questions for as long as we wished.”

He shared a few pictures of the delivery:

Kudos to Tesla for breaking the rule for the best reason possible.

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Ford plans affordable small electric pickup and SUV, starting around $25,000

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Ford plans affordable small electric pickup and SUV, starting around ,000

Amid a flood of new competition, Ford is shifting plans to build more affordable electric vehicles. Ford is developing a new low-cost EV platform to power a small electric pickup and SUV, with starting prices around $25,000. However, due to the pivot, plans for its three-row electric SUV have been put on the back burner.

Shifting to low-cost EVs

Although low-cost Chinese passenger EVs, like BYD, are not sold in the US, they are having a big impact on domestic automakers.

Ford’s CEO Jim Farley reiterated his concerns over the low-cost overseas rivals during a Wolfe Research conference last month. Farley explained that if you cannot compete with Chinese automakers, “20% to 30% of your revenue is at risk.”

“As the CEO of a company that had trouble competing with the Japanese and the South Koreans, we have to fix this problem,” Farley said.

Ford learned “pretty quickly to bet on a smaller EV platform.” The American automaker’s leader admitted larger EVs, like the F-150 Lightning, are expensive to build.

Farley said anything “larger than the Escape” better be functional or a work vehicle. Meanwhile, smaller electric cars are different. An Escape-sized EV or smaller “completely works,” Ford’s leader explained.

Ford-affordable-EV-pickup
2024 Ford F-150 Flash (Source: Ford)

Not only does it work, but “It’s dramatically better operating cost than a (Toyota) Corolla or a (Honda) Civic or even a (Ford) Maverick.”

Ford plans smaller affordable EV pickup and SUV

During an investor call last month, Farley revealed the company had been “secretly” working on a low-cost EV platform.

Ford put together a “super-talented skunk works team” to create it with “some of the best EV engineers in the world.” The team is led by Alan Clarke, who led the engineering on Tesla’s best-selling Model Y.

Ford-affordable-electric-SUV
Ford electric Explorer SUV for Europe (Source: Ford)

According to Bloomberg Businessweek, the team (less than 100 people) is developing a new affordable EV platform to power a new small, more affordable Ford electric pickup and SUV.

Sources familiar with the matter say the first model will launch in 2026, with starting prices around $25,000. It will rival the low-cost EV Tesla is working on.

The platform will first feature LFP batteries, which are about 30% cheaper than traditional lithium-ion. However, it’s also exploring other EV battery tech.

Ford-Mustang-Mach-E
Ford Mustang Mach-E (Source: Ford)

Amid the shift, Ford is delaying plans for a larger three-row electric, according to the sources.

Ford’s move comes as several automakers aim to take on low-cost EVs from China. After topping Tesla in the last three months of 2023 to become the largest global EV maker, BYD is upping the competition this year.

The Chinese automaker declared a “liberation battle” on gas-powered vehicles after launching a series of low-cost electric vehicles.

BYD-cheapest-EV-South-America
BYD Seagull (Source: BYD)

Its cheapest, the new Seagull, starts at around $9,700 in China. Farley called BYD’s Seagull “pretty damn good,” as he warned other automakers.

Although BYD currently has no plans to sell passenger EVs in the US, it is “just getting started” in other markets like Europe. BYD’s first cargo transport ship, carrying 3,000 vehicles, landed in Germany last month as it expands overseas.

Ford is not the only one watching. Stellantis CEO Carlos Tavares told reporters last month, “The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now.”

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