GKinetic is an irish startup operating in the sector of hydrokinetic turbines. Its ambition is to improve the existing hydro devices, exploiting tidal energy to offer clean, predictable energy from free-flowing water, with minimal impact on the natural environment. Now, thanks to EU BlueInvest Readiness Assistance Programme, the start-up is closer to its objectives, having successfully closed its first seed round with Katapult Ocean.
EU ambitious climate action plan
The EU has embarked on an ambitious climate action plan to become a decarbonised, net-zero emissions economy by 2050. To reach this goal, the energy market must be transformed, reaching targets of at least 60 GW of offshore wind and 1 GW of ocean energy by 2030, and 300 GW and 40 GW, respectively, by 2050. Many projects exist in the EU to move forward along this path, and GKinetic Energy is a perfect illustration of a strong EU-based innovative technology.
GKinetic innovative, flow accelerating hydrokinetic turbine
GKinetic Energy Ltd is an Irish-based company developing innovative hydrokinetic turbines producing clean energy from canals, rivers and tidal flows. Its unique, patented technology relies at its core on placing an intentional obstacle, like a buoy, between two turbines allowing them to generate significant energy also in low flows. With a simple and robust design, flexibility, and ease of installation and movement, it is ideally suited for community and industrial applications alike.
GKinetic's hydrokinetic technology offers a promising solution for generating an extra 200GW of affordable and environmentally friendly energy worldwide. Moreover, GKinetic's installations are designed to minimize the negative impacts on marine ecosystems by using a straightforward floating design that avoids disrupting channels and marine life.
GKinetic’s unique device saw immediate success: but, to grow further, the startup team was actively seeking investment and funding to ensure their project has sufficient financing as well as support and assistance to help them in this critical phase.
BlueInvest, coaching and connecting companies with investors
In 2020, the BlueInvest Readiness programme has been recommended to GKinetic by a company benefitting from the assistance themselves at that time. The company applied to the coaching programme and was selected as a beneficiary the same year.
In only 6 months, the BlueInvest coach helped the GKinetic team develop a clear business plan, a full data room as well as an investor-ready pitch. At the coach’s recommendation, GKinetic applied for the BlueInvest Awards and was selected to pitch as a finalist in the ‘Energy from the Ocean’ category at BlueInvest Day 2021, which provided them with great visibility towards Investors. As a result, GKinetic received three investment offers by the end of the coaching, and later successfully closed its first seed round with Katapult Ocean, which also happened to be a member of the jury panel of the BlueInvest Awards.
The BlueInvest Readiness Assistance programme has been the most valuable coaching programme we have ever gone through.
says to GKinetic Energy Ltd COO & CO-Founder Roisin Mc Cormack.
BlueInvest Readiness Assistance is the EU’s exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build growth capacity and attract investment.
Interested? Apply now by registering to the BlueInvest Community and completing the dedicated Readiness Assistance application form. The current application deadline is the 30th of June 2023. For any questions, you can reach out to lu_blueinvestpwc [dot] lu (lu_blueinvest[at]pwc[dot]lu)
GKinetic Energy’s BlueInvest Experience: BlueInvestReadiness Assistance, BlueInvest Pipeline, BlueInvest e-Pitch sessions, BlueInvest Day, BlueInvest Awards
- Publication date
- 1 June 2023
- Directorate-General for Maritime Affairs and Fisheries