Limerick, IRELAND, October 19th, 2021
Limerick based water turbine developer, GKinetic Energy is one of 10 global ocean impact tech startups to receive investment from the Katapult group this fall. Katapult is an investment company, focused on highly scalable impact tech startups. They have 50 M USD under management and since 2017 have invested in 138 companies from 35 countries.
The startups selected for the 2021 cohort represent the top 1% of all 2700 candidates who applied to the accelerator program. In total, the recruitment round screened startups from 6 continents and around 75 countries, and the selected 10 companies represent 7 different countries and span 4 continents.
GKinetic Energy is based in Limerick and have established themselves as leading developers of innovative kW scale hydrokinetic turbine solutions ideal for distributed energy applications. They offer a range of simple floating and fixed turbines that generate clean, predictable energy from free-flowing water found in rivers, estuaries and canals.
Alongside the 9 other startups, GKinetic will take part in an accelerator program within the Katapult Ocean vertical, which is investing in and supporting startups with a positive impact on the ocean. Over the next three months, GKinetic will strengthen their skills in impact, strategy, management and investor readiness through a combination of video modules and hands-on workshops. The selected companies will also benefit from entering a network of international mentors, industry players and investors.
We are absolutely thrilled to have been selected as one of the 10 Ocean companies to receive investment from Katapult and take part in their accelerator programme. This has been 10 months in the making since we first started discussions with the Katapult team back in January so it’s almost surreal to finally be officially announcing it! The team at Katapult have an incredible reputation for the hands-on support and acceleration opportunities they offer to their portfolio companies, it goes way beyond capital and that was what made us want to work with them. Only 2 weeks into the programme and we can already see the huge impact this is going to have for us. We have an open seed round that we are aiming to close December 2021, with 70% committed and with our first market-ready 12kW unit ready to roll out next month it’s going to be very exciting times ahead – Roisin McCormack, COO & Co-Founder at GKinetic.
GKinetic has ambitious growth and expansion plans as it now moves from the R&D phase to their first commercial projects. They plan to take on 4 new positions between now and the end of the year, then a further 14 roles planned for 2022.
The 10 ocean tech startups receiving investment from Katapult in 2021:
ACUAOcean (United Kingdom): Long endurance, hydrogen-powered uncrewed surface vessels for monitoring and sustainable management of oceans and waterways.
BioFeyn (France): Optimizing existing ingredients in fish feed, producing the most sustainable and nutrient-packed farmed fish on the market.
Freepower (Norway): Self sufficient and 100% solar energy-driven electric boats, which are easy to use, silent, emission free, and have a low carbon footprint.
Oregon Dulse (USA): A pure vegan complete-protein powder extracted from seaweed and used as a 100% vegan friendly protein supplement.
GazelleWindPower (Ireland): Floating offshore wind power generation plants.
GKinetic (Ireland): Generates tidal energy to offer clean, predictable energy from free flowing water, with minimal impact on the natural environment.
SoftSeaweed (Norway): A software solution developed and designed to make seaweed farming businesses more sustainable and profitable.
Brayfoil (South Africa): The next generation of wind turbine blades – that change shape to tailor loadings and respond better to incoming winds, enabling lighter blades, longer bladespans, and reducing the overall cost.
UmamiMeats (Singapore): Developing cultured seafood based on a proprietary, low-cost, and sustainable formulation of growth factors.
12 Tides (USA): Ocean-friendly foods with kelp from regenerative ocean farms.
Katapult is an investment company, focused on highly scalable impact tech startups. We currently have 50 M USD under management, invested in 138 companies from 35 countries. The accelerator programs strengthen investments made in highly-promising impact tech startups. Since 2017, Katapult has conducted 8 flagship accelerator programs and 3 corporate accelerators. In 2020, the Katapult Foundation was established, gathering our non-profit initiatives under one arm. The Foundation is focusing on building the impact community and educational efforts around impact investment. Initiatives include Katapult Future Fest, Katapult X and the Nordic Investment Network.
About Katapult Ocean
Katapult Ocean invests in and helps to support, launch and scale profitable and sustainable startups with a positive impact on our ocean. Since 2018, Katapult Ocean has made 42 investments in exciting ocean impact companies from all over the world. The companies participate in a 3-month long accelerator program to support growth and impact. A global network of more than 100 mentors and partners support the companies together with a team based in Oslo, Norway. To learn about the companies Katapult Ocean has invested in, visit https://katapult.vc/ocean/portfolio/
GKinetic is a leading developer of kW scale hydrokinetic turbines that generate clean energy from free flowing water. Their solutions have been designed specifically to suit the needs of distributed energy applications in remote areas and they aim to displace the current leading alternative, diesel generators for those areas and use cases where there are great hydro resources nearby. Founded in 2014, and based in Limerick Ireland, the company currently has a team of 6 people and plans to expand to 10 by the end of the year. One of their flagship projects, +CityxChange will see 3 full scale units deployed April next year in the River Shannon in Limerick to demonstrate a positive energy block within a city.