Tracxn - Marine Energy Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Marine Energy - Oct 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on October 1, 2018.
Marine Energy Feed Summary
4
Marine Energy > Feed Summary
Marine Energy or Ocean Energy is energy generated from ocean's waves, tides, currents, temperature differences and
salinity gradient
• Inclusions: All companies which have developed
energy converters to harness energy from any of the
ocean energy sources are included.
• Exclusions: Consultancies and in-house university-
developed energy converters are excluded from the
scope of the feed. Off-shore drilling companies which
are mainly focussed towards drilling operations with a
minor focus on marine energy are also not included in
the scope.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$631M
Funding
5
Mega
Companies
95267
FundedCovered on
Tracxn
-
Unicorns
-
Soonicorns
5
Minicorns
5
IPO’d Cos
32
Late Stage Cos
7
5
Acquisitions
37
DeadPooled
-
Acquihired
Series A+ Cos
Minesto
(2007, Vastra Frolunda, $2.5M)
Atlantis Resources
(1996, Edinburgh, $28.2M)
Carnegie Clean
Energy
(1999, Belmont)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Marine Energy
5
$9.6M - Series A
CorPower Ocean (2009, Stockholm, $17.4M)
$1.5M - Seed
Sweetch Energy (2015, Lorient, $1.5M)
$3M - Series A
Verdant Power (2000, New York City, $40.5M)
PE
AW-Energy (2002, Vantaa, $28.4M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Marine Energy > Feed Summary > Investment Trend Summary
Seed CapDecisif Management (#1), Demeter (#1), Force29 (#1)
Series A/B Demeter (#1), Force29 (#1), Go Capital (#1)
Series C+ Business Finland (#1), PHI Group (#1)
Incubators Building Global Innovators (#1), Chalmers Ventures (#1),
Other Notable
Investors
European Commission (#6), Scottish Enterprise (#4), Bpifrance
(#3)
Debt Investors PMV (#1)
Most Active InvestorsRecent Investments
12
15
13
6
1
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 10 9 16 6 10 9
$490M
$32.1M
$20.9M
$20.5M
$6M
Europe
Canada
US
Scotland
Australia
$ Funding
$28M
$18M $28M
$233M
$72M
$11M
$63M
11
2013 2014 2015 2016 2017 2018*
$ Funding $ Funding Predicted
# Rounds # Rounds Predicted

Summary of exit outlook in Marine Energy
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
BGA Invest 1 Minesto (2007, Vastra Frolunda, $2.5M)
Dunross 1 Minesto (2007, Vastra Frolunda, $2.5M)
Midroc 1 Minesto (2007, Vastra Frolunda, $2.5M)
Saab 1 Minesto (2007, Vastra Frolunda, $2.5M)
Statkraft 1 Atlantis Resources (1996, Edinburgh, $28.2M)
Aug 2018
Ocean Power Technologies Acq by Aspire Capital
Fund
Apr 2015 Marine Current Turbines Acq by Atlantis Resources
Nov 2014 IHC Tidal Energy Acq by Tocardo International
Jun 2014
SDE Energy Acq by Blackbird International
Corporation
Sep 2012 Tidal Generation Acq by Alstom
Marine Energy > Feed Summary > Exit Outlook Summary
Recent IPOs Top Acquisitions
Ocean Thermal Energy Corporation
Developer of marine technologies based on…
IPO MCap: - Current MCap: -
Minesto Dec 2015
Device to harness tidal energy
Atlantis Resources Feb 2014
Tidal power plant developer
IPO MCap: $121M Current MCap: -
Protean Energy Dec 2006
Developer of wave energy conversion techn…
IPO MCap: $7.6M Current MCap: $1.1M
Carnegie Clean Energy
Developer of CETO wave energy converter a…

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies
FACTSHEET
Feed Report - Marine Energy - Oct 20187
Overview
Companies 267
Funded 95 Series A+ 32
Funding $631M Last 2 yrs $48M
Most Active Investors
Seed CapDecisif Management (1)
Series A/B Demeter (1)
Series C+ Business Finland (1)
Others European Commission (6)
Incubators Building Global Innovators (1)
Top Cities
Den Oever 1 Cos $200M
Edinburgh 9 Cos $117M
Feed in Numbers
Unicorns - Soonicorns -
Minicorns 5 Editor Picks 22
Acquihired - Deadpooled 37
Top Companies
Carnegie Clean
Energy
(1999, Belmont)
Minesto (2007, Vastra Frolunda, $2.5M)
Atlantis
Resources
Exits
IPOs 5 Atlantis Resources, Protean
Energy
Acquisitions 5 Ocean Power Technologies,
Marine Current Turbines
Top Acquirers -
Marketmap: Marine Energy
WAVE ENERGY CONVERTERS
POINT ABSORBER
ATTENUATOR
OSCILLATING
SURGE CONVERTER
PRESSURE DIFFERENTIAL
OCEAN ENERGY CONVERTORS
OCEAN CURRENTS
OSCILLATING WATER COLUMN
TIDAL ENERGY CONVERTORS
TIDAL TURBINES
OCEAN THERMAL ENERGY
TIDAL BARRAGES
MULTI-SOURCE
HORIZONTAL AXIS TURBINES
BLUE ENERGY
SALINITY GRADIENT
POWER CONVERSION
PROJECT DEVELOPERS
VERTICAL AXIS TURBINES
Marine Energy > Feed Summary > BlueBox

Key Sub Sectors in Marine Energy Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Ocean Currents > Energy Generation
Equipment >
Horizontal Axis Turbines
38 $12.9M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Wave
Companies developing wave energy converters and
providing services to harness wave energy
149 53 $238M
Tidal
Companies developing energy generation equipment
and providing services to harness tidal...
26 7 $232M
Ocean Currents
and providing services to harness energy...
59 26 $157M
Multi-Source Energy Provider
Companies developing technologies and providing
services for marine energy applications...
22 4 $2.5M
Salinity Gradient Power Conversion
and providing services to harness energy...
2 1 $1.5M
Ocean Thermal Energy Conversion
and providing services to harness ocean...
9 4 $350k
Marine Energy > Feed Summary > Summary of Key Markets

List of Notable Companies in Marine Energy
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Marine Energy > Feed Summary > Notable Companies in the Sector
Public
Atlantis Resources
(1996, Edinburgh, $28.2M)*
Protean Energy
(2006, Perth)
Minesto
Carnegie Clean Energy
(1999, Belmont)
Ocean Thermal Energy
Corporation
(1988, Lancaster)

List of Notable Companies by Market in Marine Energy
Notable Companies by Market (1/2)
11
Marine Energy > Feed Summary > Notable Companies by Market
Wave
Energy Converters
Carnegie Clean Energy (1999, Belmont)
Developer of CETO wave energy converter and
solar PV systems
Editor's Pick. Stage: Public
NERA, CommBank
Protean Energy (2006, Perth)
Developer of wave energy conversion technologies
South Korea Government
Tidal
Project Developers
Atlantis Resources (1996, Edinburgh, $28.2M)
European Commission, Morgan Stanley, EDBI and 2
Other Investors
Ocean Currents
Energy Generation Equipment
Swedish Energy Agency, KIC InnoEnergy, European
Commission and 8 Other Investors

List of Notable Companies by Market in Marine Energy
Notable Companies by Market (2/2)
12
Marine Energy > Feed Summary > Notable Companies by Market
Ocean Thermal Energy Corporation (1988,
Lancaster)
Developer of marine technologies based on OTEC
and SWAC

Recent News in Marine Energy Sector
Recent News
13
Marine Energy > Feed Summary > Recent News
Sep 2018 Carnegie CEO departs, asset sales to be renegotiated, Business News
Sep 2018
NRCan grants $22.9m to support 9MW tidal energy project in Nova
Scotia, Power Technology
Sep 2018
Black Rock Tidal secures permit for tidal electricity project in Nova
Scotia, Compelo
Sep 2018 Protean In $3m South Korean Investment, Business News
Sep 2018 Enel chooses OPT’s PowerBuoy for Chilean waves, Machinery Market
Sep 2018
Global Marine Power (Wave and Tidal) Market 2018: Wello Oy,
Pulse Tidal, Oceanlinx, Marine Current Turbines (MCT), ORPC,
OpenHydro, truthweek.com
Sep 2018
Verdant Power secures funding for final system demonstration at
RITE project, Your Subsea News
Sep 2018 Low-carbon off-road vehicles project, Machinery Market
Sep 2018 Ocean Power reports Q1 results, Seeking Alpha
Sep 2018 VIP opening for amphibious hoist, Maritime Journal
Sep 2018 Minesto completes initial sea trials of DG500, Machinery Market
Sep 2018
Ocean Power Technologies Appoints Kristine S. Moore to Board,
Citybizlist
Sep 2018
EU tidal energy project receives EC approval to enter next delivery
stage, Power Technology
Sep 2018 Wello set to install second penguin at EMEC, Machinery Market
Key Recent News Key Recent News
Aug 2018 Schottel Appoints Kaul CEO, Maritime Activity Reports
Aug 2018
Pearl Clean Energy acquires Protean wave technology,
ManufacturersMonthly
Aug 2018
Tidal stream prototype clocks up 3 GWh of electricity in first year,
NewAtlas
Aug 2018
Carnegie signs agreements to merge EMC with Tag Pacific in
Australia, Power Technology
Aug 2018 Canary Islands Wave Energy, Maritime Journal
Aug 2018
Interim examiner appointed to OpenHydro in bid to revive
company, The Irish Times
Aug 2018
Ocean Power Technologies Signs Agreement with Enel Green Power
(EGP), GlobeNewswire
Aug 2018
Fort Collins-based Czero collaborating on project to harness wave
power, BizWest
Aug 2018
Ocean Power Technologies Enters Into $10 Million Common Stock
Purchase Agreement with Aspire Capital Fund, Citybizlist
Aug 2018
Protean Energy enters agreement to optimise processing and
production of Daejon vanadium, Proactive Investors
Jul 2018 Australia’s CCE, Enel Green Power sign wave energy pact, Compelo

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
14
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Aug 2018

Investments ($M) and number of rounds in Marine Energy; 2011-2018
Global Funding Trends (1/2)
16
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Marine Energy > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 4% # of Rounds16% $ Funding
3% # of Rounds
27% $ Funding
$28M
$30M
$16M $18M
$28M
$233M
$72M
$11M
$63M
0
2
4
6
8
10
12
14
16
18
$0k
$50M
$100M
$150M
$200M
$250M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

$4M
$3M
$2M $2M $6M $4M $4M $1M
$12M $4M
$4M $6M
$18M
$15M
$7M
$27M
$14M $9M $12M $19M
$209M
$53M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
5 7 5 5 8 3 4 1
5
2
3
3
6 2 5
7
2 2 2 1 2 1 1 1
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
17
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Marine Energy; 2011-2018
Marine Energy > Investment Trends > Global Funding Trends
11
4
3
6
3
5
4 36
$0.6M
$2.0M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
$0.6M $1.2M $1.8M $2.2M $2.9M $1.3M $3.8M $2M
$0K $0K $0K $0K
$200M
$53M
$0K
0
0.2
0.4
0.6
0.8
1
1.2
0
50000000
100000000
150000000
200000000
250000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
- - - - 1 1 - -
12
9
Total # of Rounds
$30M $28M
Total $ Invested

Marine Energy > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Marine Energy
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Den Oever 200M 3
Edinburgh 117M 11
Dublin 55.4M 2
Vantaa 28.4M 6
Cornwall 24M 1
Espoo 21M 6
Kirkwall 20.5M 2
Stockholm 17.4M 4
Quimper 8.5M 2
Halifax 8.1M 1
Total Funding
44
3
22
2
7
2
1
2
# Rounds
$490M
$32.1M
$20.9M
$20.5M
$6M
$5M
$5M
$4M
Europe
Canada
US
Scotland
Australia
Israel
Taiwan
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.7 $0.8
$0.6 $0.6
$0.9
$1.8
$1.1
2011 2012 2013 2014 2015 2016 2017
$1.5
$0.0
$4.0
$3.1 $3.5
$7.5
$2.7
$10.8
$3.8
$0.0 $0.0
$8.1
$0.0 $1.3
$7.1 $9.0 $12.0 $19.4
$104.3
$53.0
$0.0
Marine Energy > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Marine Energy; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$59.4K* $3.3M
$1.3M $9.6M
$100K $10.8M
$6M $200M
$10.5M
$2.4M
$3.6M
$641K
Series C+
Series B
Series A
Seed
Stage

Note: 50 companies with undisclosed funding amount are not included
20
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
9
24
10
1
1
No. of Companies
Marine Energy > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Marine Energy; as of Oct 2018
Distribution of companies by Funding Range
$4M
$96M
$278M
$53M
$200M
$ Investment

Stage No. of Companies
Funding
Funnel
100%
36%
12%
4%
3%
21
Note: Numbers in the brackets show the count of companies
Time to raise
next round
7
11
32
95
267
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
36% 2%
(5)
2%
(5)
- 14%
(37)
51%
(135)
34% 5%
(5)
5%
(5)
- 11%
(10)
56%
(53)
34% 3%
(1)
3%
(1)
- 13%
(4)
53%
(17)
64% 9%
(1)
9%
(1)
- 18%
(2)
18%
(2)
- 14%
(1)
14%
(1)
- 14%
(1)
14%
(1)
Marine Energy > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Marine Energy
Funding Funnel
17 Months
17 Months
25 Months
Investment backedBootstrapped
2
5
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Marine Energy > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Marine Energy; Oct 2016-Oct 2018
Notable Investments in last 24 months
LATE STAGE
PE May 2018
Wave energy technology developer based on
hydrodynamic movement
MaRINET2
EARLY STAGE
$9.6M - Series A Jul 2018
Wave energy converters
Swedish Energy Agency
$3M - Series A Sep 2018
Underwater turbines
Department of Energy
SEED STAGE
$1.5M - Seed May 2017
Technology to produce electricity from salinity
gradient
Go Capital, Demeter

Most Active Investors (VC, PE) by Stage in Marine Energy; Last 5 years (Oct 2013-Oct 2018)
Most Active VC & PE Investors
23
Marine Energy > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Demeter
Sweetch Energy
1
Go Capital
Sweetch Energy
2
Force29
Open Ocean
3
Seventure Partners
Open Ocean
4
CapDecisif Management
Open Ocean
5
Qbic Fund
Laminaria
6
West Hill Capital
Resen Waves
7
EARLY STAGE
Demeter
Sabella
1
Go Capital
Sabella
2
Force29
Sabella
3
Inerjys
Black Rock Tidal Power
4
Invitalia Ventures
40South Energy
5
Pirveli Ventures
Eco Wave Power
6
LATE STAGE
Business Finland
AW-Energy
1
PHI Group
AQuarius Power
2

Marine Energy > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Marine Energy; Last 5 years (Oct 2013-Oct 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Building Global Innovators
CorPower Ocean
1
Chalmers Ventures
Minesto
2
OTHER NOTABLE INVESTORS
European Commission(6 Investments)
Aquamarine Power, Atlantis Resources, CorPower Ocean
1
Scottish Enterprise(4 Investments)
Sustainable Marine Energy, Albatern, EC-OG
2
Bpifrance(3 Investments)
Sabella, EEL Energy, Open Ocean
3
Australian Renewable Energy Agency
(2 Investments)
Bombora Wave Power, Ocean Power Technologies
4
AustralianGrants(2 Investments)
Sealite
5
Swedish Energy Agency(2 Investments)
CorPower Ocean, Minesto
6
Department of Energy(2 Investments)
Verdant Power
7
European Union(2 Investments)
AW-Energy, Crestwing
8
Fortum(2 Investments)
Wello, Seabased
9
UK Government(2 Investments)
Marine Power Systems, Marine Current Turbines
10
DEBT INVESTORS
PMV
Laminaria
1

Marine Energy > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club

Marine Energy > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
27
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Market Deep Dive

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Join 4000+ people taking sharper decisions with Tracxn
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Sep 2018
Smart Grid
Aug 2018
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Aug 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Feed Report - Marine Energy - Oct 201829
Marketmap: Marine Energy
Marine Energy > Market Details > BlueBox

Key Sub Sectors
30
Key Sub Sectors in Marine Energy
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Wave
Companies developing wave energy converters and providing services to harness wave
energy
Ocean Power Technologies (1994,
Pennington, Acquired)
149 53 $238M
Tidal
Companies developing energy generation equipment and providing services to harness tidal
energy
Atlantis Resources (1996, Edinburgh,
Public)
Tocardo International (2008, Den Oever,
$200M)
26 7 $232M
Ocean Currents
Companies developing energy generation equipment and providing services to harness
energy from ocean currents
Minesto (2007, Vastra Frolunda, Public)
OpenHydro (2004, Dublin, $53M)
59 26 $157M
Multi-Source Energy Provider
Companies developing technologies and providing services for marine energy applications
Open Ocean (2011, Paris, $1.8M)
Trident Energy (2003, Cambridge, $666k)
22 4 $2.5M
Companies developing energy generation equipment and providing services to harness
energy from ocean salinity gradient
Red Stack (2005, Groningen)
2 1 $1.5M
Companies developing energy generation equipment and providing services to harness ocean
thermal energy
Ocean Thermal Energy Corporation (1988,
Lancaster, Public)
Seatrec (2012, Monrovia, $350k)
9 4 $350k
Marine Energy > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
31
Marine Energy > Market Details > Detailed Sector Taxonomy

32

33

34

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Ocean Currents > Energy Generation Equipment > Horizontal Axis Turbines
Companies developing horizontal axis turbines to harness the energy from ocean and tidal currents
(Companies covered 38 | Funded 19 | Total Funding $139M)
$12.9M
(-$48.7M)
4
(+1)
Sabella
(2008, Quimper, $8.5M)
35
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Marine Energy in last 2 years (October 2016 - September 2018)
Marine Energy > Market Details > Top Markets of Investment Activity

Incubators Carbon Trust (#1)
Seed Saab (#1), Midroc (#1)
Series A/B Department of Energy (#1), Go Capital (#1)
Series C+ DP Energy (#1), ScotMarine (#1)
Minesto Dec - 2015
IPO'd on STO
Marine Current Turbines
Apr - 2015
Acq by Atlantis Resources
$3M - Series A
Verdant Power (2000, New York City,
$40.5M)
$100k - Series B
Ocean Renewable Power
Company (2004, Portland, $6.3M)
$1.3M - Series B
$8.5M - Series A
Sabella (2008, Quimper, $8.5M)
$53M - PE
$8.5M - PE
Scotrenewables Tidal Power
(2002, Kirkwall, $20.5M)
$100k - Seed
Seed
Subsea Energy North America
(2009, Somerville)
Sep 2018
Verdant Power secures funding for final system
demonstration at RITE project, Your Subsea News
Sep 2018
Minesto completes initial sea trials of DG500, Machinery
Market
Sep 2018
EU tidal energy project receives EC approval to enter next
delivery stage, Power Technology
Aug 2018
Tidal stream prototype clocks up 3 GWh of electricity in first
year, NewAtlas
Aug 2018
Jul 2018
Highlands and Islands Enterprise | News Archive, Highlands
and Islands Enterprise
May 2018 Nova wins Shetland tidal extension, ReNEWS
May 2018 Oceanflow gets go ahead for FLOWSPA, Maritime Journal
May 2018
OceanFlow Nets Marinet2 Funds for Floating Wind Project,
Offshore Wind
May 2018 News, Scotrenewables Tidal Power
Apr 2018
Communications sytem being installed for Deep Green tidal
plant, Clean Technology Business Review
Mar 2018
This Boat-Like Tidal Turbine Generates Cheap Electricity All
Year Round, ProPakistani
Mar 2018 Nautricity’s tidal turbine up for retrieval, Tidal Energy Today
News
3
4
8
19
38
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Ocean Currents > Energy Generation Equipment > Horizontal Axis Turbines: Market Factsheet
36
Exits
Recent InvestmentsCompanies developing horizontal
axis turbines to harness the
energy from ocean and tidal
currents
OpenHydro
(2004, Dublin, $53M)
Verdant Power
(2000, New York City, $40.5M)
Scotrenewables Tidal Power
(2002, Kirkwall, $20.5M)
Sabella
(2008, Quimper, $8.5M)
Nautricity
(2010, Glasgow, $7.7M)
Top Companies
#1 Top Markets of Investment Activity
Marine Energy > Market Details > Market: Horizontal Axis Turbines
Companies Created 38 | Funded 19 | Total Funding $139M
0
1
2
3
$0k
$50M
$100M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Horizontal Axis Turbines

Ocean Currents > Energy Generation Equipment > Horizontal Axis Turbines: Top Companies
Analyst’s Pick
Tidal energy generation systems and grid control
systems
Minicorn. Stage: Funded
Underwater turbines
Minicorn. Stage: Series A
Scotrenewables Tidal Power (2002,
Kirkwall, $20.5M)
Tidal power based turbine developer
Editor's Pick. Stage: Funded
Horizon 2020 Projects, DP Energy, ScotMarine and
4 Other Investors
Swedish Energy Agency, KIC InnoEnergy, European
Commission and 8 Other Investors
Analyst’s Pick
Flumill (2002, Faervik)
Helical screw horizontal axis turbines
Enova, Innovation Norway

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
38
Ocean Currents > Energy Generation Equipment > Horizontal Axis Turbines: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Schottel Hydro 1921 Rhein Funded - - - - 4 6 1.4M 1.1k - - -473k -26% - - 95 10%
4.9 Minesto 2007
Vastra
Frolunda
Public $2.5M - - - - 37 2.5M 2.1k - - -409k -14% - - 262 14%
4.7 Oceana Energy 2005
New York
City
Unfunded - - - - 3 - 10M 17 - - 569k 4% - - 1 2%
4.6 OpenHydro 2004 Dublin Funded $53M - - - - 6 2.1M 871 - - -768k -27% - - 58 7%
4.4 Nautricity 2010 Glasgow Series A $7.7M - - - - 2 10M 630 - - -172k -1% - - 2 -
4.3 Sabella 2008 Quimper Series A $8.5M - - - - 4 10M 1.4k - - -8.4M -45% - - 86 7%
4.1 Verdant Power 2000
New York
City
Series A $40.5M - - - - 3 6.2M - - - 54k 1% - - - -
4.0
Nova
Innovation
2010 Edinburgh Funded - - - - - 8 10M 878 - - 6M 72% - - 161 22%
3.8
Ocean
Renewable
Power
Company
2004 Portland Series B $6.3M - - - - 6 9M - - - 4M 71% - - - -
3.7
Renewable
Devices Marine
2002 Edinburgh Unfunded - - - - - - 10M 646 - - 2M 9% - - 36 6%
3.5 Tidalys 2012
Cherbourg-
octeville
Series A - - - - - - 3.9M 75 - - -372k -9% - - -1 -1%
3.2
Blue Motion
Energy
2009 Dordrecht Unfunded - - - - 3 - - - - - - - - - - -

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
39
Notable Acquisitions

Public companies
41
Performance indicators of public companies in Marine Energy
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Dec 2015
Minesto (2007, Vastra Frolunda)
STO:MINEST
Feb 2014
Atlantis Resources (1996, Edinburgh)
$121M $290k LON:ARL
Dec 2006
$1.1M $7.6M $1.2k ASX:POW
Developer of CETO wave energy converter and solar PV systems
Ocean Thermal Energy Corporation (1988, Lancaster)
Developer of marine technologies based on OTEC and SWAC
Marine Energy > Exit Outlook > Public Companies

Notable Acquisitions (1/2)
42
Notable Acquisitions in Marine Energy
Marine Energy > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: Aspire Capital Fund
Ocean Power Technologies (1994,
Pennington)
Point absorber wave energy converter
2015
Acquirer: Atlantis Resources
Marine Current Turbines (1999, Bristol)
Tidal power generator
2014
Acquirer: Tocardo International
IHC Tidal Energy (2012, Alblasserdam)
Vertical axis turbine maker
Acquirer: Blackbird International
Corporation
SDE Energy (1996, Petah Tikva)
WEC based on hydraulic pressure

Notable Acquisitions (2/2)
43
Notable Acquisitions in Marine Energy
Marine Energy > Exit Outlook > Notable Acquisitions
2012
Acquirer: Alstom
Tidal Generation (2005, Bristol)
Tidal stream turbine developer

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
44
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Marine Energy > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Marine Energy; Last 5 years (Oct 2013 - Sep 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Force29
Demeter
Go Capital
Qbic Fund
CapDecisif Management
Seventure Partners
West Hill Capital
EARLY STAGE
Force29
Demeter
Go Capital
Inerjys
Invitalia Ventures
Pirveli Ventures
LATE STAGE
Business Finland
PHI Group

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
47
Seed Stage
Early Stage
Late Stage

Business Finland
48
Portfolio in Marine Energy | Exits | Funds Link | Website | LinkedIn | Twitter
Marine Energy > Investors > Business Finland
People
Investments
[Minicorn] AW-Energy (2002, Vantaa, $28.4M, Funded)
Wave energy technology developer based on hydrodynamic movement
[Editor's Pick] Wello (2008, Espoo, $14.2M, Series B)
Marine Energy Notable Portfolio
[Soonicorn] Enevo (2010, Espoo, $39M, Series C)
Sensor devices for waste container monitoring
[Minicorn] Canatu (2004, Helsinki, $57M, Series D)
Transparent conductive films & touch sensors using carbon
nanomaterial
[Minicorn] MaaS Global (2015, Helsinki, $29.6M, Series A)
Multiple transport solution provider
[Minicorn] Nosto (2011, Helsinki, $25M, Series A)
SaaS-based personalized product recommendation solution for online
retailers
[Minicorn] Forendo Pharma (2013, Turku, $20M, Series A)
Small molecule therapeutics for reproductive health
[Minicorn] Zervant (2010, Espoo, $16M, Series A)
Invoicing and time tracking for SMBs
[Minicorn] Claned (2013, Helsinki, $11.6M, Series A)
Personal and adaptive learning platform for educational institutes and
corporates
[Minicorn] Bonusway (2011, Helsinki, $6.2M, Series A)
Cashback platform rewarding users for online shopping
[Minicorn] Wellmo (2012, Espoo, $3.9M, Series A)
Cloud-based solution for corporate wellness providers.
[Minicorn] Oppex (2013, Helsinki, $3.8M, Series A)
Database of public tenders
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Pekka Soini
CEO
Geographical Spread Stage of Entry
Sep 2018
Global Marine Power (Wave and Tidal) Market 2018:
Wello Oy, Pulse Tidal, Oceanlinx, Marine Current Turbines
(MCT), ORPC, OpenHydro, truthweek.com
Sep 2018
Wello set to install second penguin at EMEC, Machinery
Market
Apr 2018
AWE secures EUR5m funding for wave energy project,
Clean Technology Business Review
Apr 2018
AW-Energy, Queen’s Uni Belfast wrap up WaveRoller tank
tests, marineenergy.biz
Apr 2018
WaveRoller uses IoT to tame the power of the sea,
Expatemirates
Mar 2018
AW-Energy seeks suppliers for WaveRoller serial
production, Tidal Energy Today
Mar 2018
AW-Energy makes substation construction headway in
Portugal, Tidal Energy Today
Feb 2018 Wello catches €2m crowdfund wave, ReNEWS
Jan 2018
AW-Energy shuffles management team. Appoints new
CEO , Tidal Energy Today
None
11
2013 2014 2015 2016 2017 2018
Follow On New Investments
-
1
-
1
-
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
49
Incubators
Other Notable Investors
Debt Investors

Marine Energy > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Marine Energy; Q3 2013 - Q2 2018
Index of Ecosystem Investors
INCUBATOR
Chalmers Ventures
OTHER NOTABLE INVESTORS
European Commission (6 Investments)
Scottish Enterprise (4 Investments)
Bpifrance (3 Investments)
Australian Renewable Energy Agency (2
Investments)
AustralianGrants (2 Investments)
Swedish Energy Agency (2 Investments)
Department of Energy (2 Investments)
European Union (2 Investments)
Fortum (2 Investments)
UK Government (2 Investments)
KIC InnoEnergy (2 Investments)
Schottel Hydro (2 Investments)
Government of Australia
Big Lottery Fund
Breakout Labs
DEBT INVESTORS
PMV

51
Marine Energy > Investors > Building Global Innovators
Investments
[Minicorn] CorPower Ocean (2009, Stockholm, $17.4M, Series
A)
[Minicorn] Feedzai (2009, London, $82M, Series C)
Fraud Prevention Software
[Minicorn] Veniam (2012, Mountain View, $27M, Series B)
WiFi solutions for urban spaces
[Minicorn] Movvo (2009, Porto, $10.8M, Series A)
Real-time customer behavior analysis to drive sales
[Editor's Pick] eSolidar (2012, Nogueira, $975k, Seed)
Auction website for helping charities in raising funds
[Editor's Pick] Software With Emotion (2011, Redwood City,
Funded)
Solution for Individualized Price Differentiation
[Editor's Pick] Trigger Systems (2016, Lisbon, Funded)
Developer of software platform for farm data capture, analytics and
interaction with on-field hardware
Top Exits Recent News on Fund & Portfolio
Jul 2018
EIT InnoEnergy supported start-up CorPower raises 8.2M
for full scale demonstration, PressReleasePoint
Jan 2018
CorPower deploys half-scale C3 wave energy converter
off Orkney , Tidal Energy Today
Jan 2018 Scots wave hooks to microgrid, ReNEWS
Jan 2018 Wave kit installed at EMEC, ReNEWS
Nov 2015 CorPower rides €6.5m wave - Wave and Tidal, ReNEWS
Jun 2015
Wave power breakthrough granted €2m for tests,
Swedish Startup Space
Apr 2013
KIC InnoEnergy: CorPower Ocean – Getting Closer to the
Sea | European Institute of Innovation & Technology
(EIT), European Union
None
1
2013 2014 2015 2016 2017 2018
-
-
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Europe

Chalmers Ventures
52
Marine Energy > Investors > Chalmers Ventures
People
Investments
[Editor's Pick] Zero Point Technologies (2015, Gothenburg,
$1.3M, Seed)
Hardware IP solutions for memory compression
[Editor's Pick] ReVibe Energy (2014, Gothenburg, $450k, Series
A)
Energy harvesting by converting vibrations into electricity
[Editor's Pick] Cereduce (2010, Gothenburg, $178k, Seed)
Metabolic engineering of yeast for low alcohol fermentation
[Editor's Pick] Medfield Diagnostics (2003, Gothenburg,
Funded)
Systems for pre-hospitalization diagnostics of brain injuries
[Editor's Pick] BioNote (2015, Gothenburg, Funded)
Online species identification and discovery platform through photo
sharing
Top Exits
Recent News on Fund & Portfolio
Linnea Lindau
CEO
Sep 2018
Minesto completes initial sea trials of DG500, Machinery
Market
Jun 2018
Minesto Reinforces its Project Finance Capability Through
New Board Members, PR Newswire
May 2018 Minesto narrows interim loss, marineenergy.biz
May 2018 Minesto installs MGS buoy off Wales, marineenergy.biz
Apr 2018
Subsea Energy Solutions busy with Minesto’s Holyhead
project, marineenergy.biz
Apr 2018
Communications sytem being installed for Deep Green
tidal plant, Clean Technology Business Review
Apr 2018
Minesto welcomes Swedish marine energy investment,
marineenergy.biz
Mar 2018 Tidal kite’s controls up for update, marineenergy.biz
Feb 2018
Minesto bags USD 9m to support development strategy,
Renewables Now
Feb 2018 Minesto to build tidal IP, ReNEWS
Minesto
IPO - Dec 2015
2013 2014 2015 2016 2017 2018
1
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
53
Incubators
Other Notable Investors
Debt Investors

European Commission
54
Marine Energy > Investors > European Commission
Investments
[Minicorn] CorPower Ocean (2009, Stockholm, $17.4M, Series
A)
[Editor's Pick] Wello (2008, Espoo, $14.2M, Series B)
[Soonicorn] ThinFilm Electronics (1995, Oslo, Public)
Electronic labels that are web connected.
[Minicorn] MeMed Diagnostics (2009, Tirat Karmel, $100M,
Series B)
Diagnostic solutions for healthcare providers
[Minicorn] Metabiota (2008, San Francisco, $34.9M, Series A)
Risk analytics to predict and control epidemic outbreaks
[Minicorn] Relex Solutions (2005, Helsinki, $23.9M, Series B)
In-memory computing technology based inventory management
software
[Minicorn] iCub (2004, Genoa, $9.3M, Funded)
Develops iCub Robot which is a humanoid
[Minicorn] Zehus (2013, Milano, $3.3M, Series A)
Propulsion systems for electric bicycles
[Editor's Pick] Epigenomics (1998, Berlin, $52M, Public)
Molecular Diagnostics for Cancer
[Editor's Pick] Sol Voltaics (2007, Lund, $49.5M, Series D)
Develops solar films made up of GsAs nanowires
[Editor's Pick] Realeyes (2007, London, $19.7M, Series B)
Emotional analytics supporting emotional advertising
[Editor's Pick] Zeetta (2015, Bristol, $3.9M, Series A)
Network Operating System
Top Exits Recent News on Fund & Portfolio
Jul 2018
Atlantis Resources Ltd : Atlantis Resources Ltd share
news and information | London Stock Exchange: ARL, 4-
Traders
May 2018 Atlantis share issue raises £20m, ReNEWS
May 2018
Atlantis Resources stands to gain from expected tidal
power and wave energy boom, Proactive Investors
May 2018
Xodus joins Atlantis in pursuit of Japanese tides,
marineenergy.biz
Apr 2018
Atlantis drafts €3.3 billion tidal investment chance for
France, marineenergy.biz
Apr 2018 MeyGen salutes magic moment, ReNEWS
Apr 2018
Atlantis completes construction at Scotland's MeyGen,
announces supply deal in China, HydroWorld
Apr 2018 UK partners ink China tidal deal, ReNEWS
Apr 2018
Atlantis extends bond offer time span. Exceeds £3 million,
marineenergy.biz
Mar 2018
Atlantis Resources making good progress on Uskmouth
power station acquisition, Proactive Investors
Mar 2018 Green Marine on Atlantis duty, ReNEWS
Ocean Power
Technologies
(1994, Pennington)
Acq by Aspire Capital Fund -
Aug 2018
Atlantis Resources
IPO - Feb 2014
Minesto
IPO - Dec 2015
1 1 11
2 2
2013 2014 2015 2016 2017 2018
1
-
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed6
1
-
-
-
Europe
US

Bpifrance
55
Marine Energy > Investors > Bpifrance

Australian Renewable Energy Agency
56
Marine Energy > Investors > Australian Renewable Energy Agency

Swedish Energy Agency
57
Marine Energy > Investors > Swedish Energy Agency

58
Marine Energy > Investors > Department of Energy

European Union
59
Marine Energy > Investors > European Union

Fortum
60
Marine Energy > Investors > Fortum

UK Government
61
Marine Energy > Investors > UK Government

KIC InnoEnergy
62
Marine Energy > Investors > KIC InnoEnergy

Government of Australia
63
Marine Energy > Investors > Government of Australia

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
64
Recent News

Recent News (1/2)
66
Marine Energy > News > Recent News
Sep 2018 Carnegie CEO departs, asset sales to be renegotiated, Business News
Sep 2018
NRCan grants $22.9m to support 9MW tidal energy project in Nova
Scotia, Power Technology
Sep 2018
Black Rock Tidal secures permit for tidal electricity project in Nova
Scotia, Compelo
Sep 2018 Protean In $3m South Korean Investment, Business News
Sep 2018 Enel chooses OPT’s PowerBuoy for Chilean waves, Machinery Market
Sep 2018
Global Marine Power (Wave and Tidal) Market 2018: Wello Oy,
Pulse Tidal, Oceanlinx, Marine Current Turbines (MCT), ORPC,
OpenHydro, truthweek.com
Sep 2018
Verdant Power secures funding for final system demonstration at
RITE project, Your Subsea News
Sep 2018 Low-carbon off-road vehicles project, Machinery Market
Sep 2018 Ocean Power reports Q1 results, Seeking Alpha
Sep 2018 VIP opening for amphibious hoist, Maritime Journal
Sep 2018 Minesto completes initial sea trials of DG500, Machinery Market
Sep 2018
Ocean Power Technologies Appoints Kristine S. Moore to Board,
Citybizlist
Sep 2018
EU tidal energy project receives EC approval to enter next delivery
stage, Power Technology
Sep 2018 Wello set to install second penguin at EMEC, Machinery Market
Aug 2018
Pearl Clean Energy acquires Protean wave technology,
ManufacturersMonthly
Aug 2018
Tidal stream prototype clocks up 3 GWh of electricity in first year,
NewAtlas
Aug 2018
Carnegie signs agreements to merge EMC with Tag Pacific in
Australia, Power Technology
Aug 2018 Canary Islands Wave Energy, Maritime Journal
Aug 2018
Aug 2018
Ocean Power Technologies Signs Agreement with Enel Green Power
(EGP), GlobeNewswire
Aug 2018
Fort Collins-based Czero collaborating on project to harness wave
power, BizWest
Aug 2018
Ocean Power Technologies Enters Into $10 Million Common Stock
Purchase Agreement with Aspire Capital Fund, Citybizlist
Aug 2018
Protean Energy enters agreement to optimise processing and
production of Daejon vanadium, Proactive Investors
Jul 2018 Australia’s CCE, Enel Green Power sign wave energy pact, Compelo
Jul 2018
Highlands and Islands Enterprise | News Archive, Highlands and
Islands Enterprise

Recent News (2/2)
67
Marine Energy > News > Recent News
Jul 2018
Atlantis Resources Ltd : Atlantis Resources Ltd share news and
information | London Stock Exchange: ARL | 4-Traders, 4-Traders
Jul 2018
Naval Energies Opts for Floating Wind over Tidal Energy, Offshore
Wind
Jul 2018
Ocean Energy Europe ‘disappointed’ at OpenHydro liquidation, The
Irish Times
Jul 2018
Provisional liquidators appointed to OpenHydro energy firm, The
Irish Times
Jul 2018
Ocean Power Technologies Announces Fiscal 2018 Fourth Quarter
and Full Year Results, GlobeNewswire
Jul 2018
WaveSub clean energy prototype completes installation off Cornish
coast, BusinessGreen
Jul 2018
EIT InnoEnergy supported start-up CorPower raises 8.2M for full
scale demonstration, PressReleasePoint
Jun 2018
Carnegie eyes waves with planned sale of solar-storage microgrid
arm to Tag Pacific, PV-Tech
Jun 2018
Ocean Power Technologies Signs Contract with Premier Oil for a
PowerBuoy™ deployment in the Central North Sea, GlobeNewswire
Jun 2018
Ocean Power Tech gets wave power patent for low to moderate
seas, Seeking Alpha
Jun 2018
GEPS Techno starts 150kW wave prototype build-out,
marineenergy.biz
Jun 2018 OTE hires OTEC EcoVillage guidance, marineenergy.biz
Jun 2018 NEMOS ropes outlive standards, marineenergy.biz
Jun 2018 Waves4Power names new Chief Executive, marineenergy.biz
Jun 2018 Naval Energies opens Cherbourg tidal turbine plant, marineenergy.biz
Jun 2018
SINN Power starts building wave energy project in Greece,
marineenergy.biz
Jun 2018
Minesto Reinforces its Project Finance Capability Through New
Board Members, PR Newswire
Jun 2018
Kasteleijn, Nijs Join Tocardo Managing Board, Marine Technology
News
Jun 2018
Wales offers funding for world's first tidal lagoon project,
financetime.org
Jun 2018
‘Promising’ trial prompts EEL Energy’s investment search,
marineenergy.biz
Jun 2018 MPS completes PowerBuoy commissioning, Your Subsea News
May 2018
Point Absorber Market Latest trends advancements 2025,
iCrowdNewswire
May 2018 Minesto narrows interim loss, marineenergy.biz
May 2018
SeaQurrent explores Wadden Sea tidal energy options,
marineenergy.biz
May 2018 Minesto installs MGS buoy off Wales, marineenergy.biz
May 2018
Verdant Power runs a million-dollar tidal investment round,
marineenergy.biz
May 2018
Carnegie Clean Energy raises $5.3 million for solar, battery and
wave energy projects, Proactive Investors

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
68
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
70
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Angel Funded
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
DeadPooled
Investors Acquirers
Unicorn Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Marine Energy > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Marine Energy
Index of Top companies by Market (1/3)
71
Marine Energy > Appendix > Index of Top companies by Market
Wave
Energy Converters
Wave energy technology developer based on
hydrodynamic movement
MaRINET2, European Union, European Investment
Bank and 4 Other Investors
Swedish Energy Agency, European Commission, KIC
InnoEnergy and 2 Other Investors
Wello (2008, Espoo, $14.2M)
Editor's Pick. Stage: Series B
Invesdor, European Commission, Fortum and 5
Other Investors
Energy Converters
Aquanet Power (2014, Taipei, $5M)
Developer of WEC that are used in deep, shallow
and off shore applications
Editor's Pick. Stage: Series A
Eco Wave Power (2011, Tel Aviv, $5M)
Developer for wave power and wave energy devices
Editor's Pick. Stage: Series A
Pirveli Ventures
Developer of CETO wave energy converter and
solar PV systems
IPO Date - Mcap -
IPO Mcap -
- - P/E -
CCell (2014, London)
Oscillating surge wave converter technology
developer
Editor's Pick. Stage: Unfunded
Energy Converters
Enorasy (2015, Bedford)
Smart wave energy converter developer
Havkraft (1998, Maloy)
Developer of WEC of the Oscillating Water Column
type
Editor's Pick. Stage: Seed
Fjord Invest
IPO Date Dec 2006 Mcap $1.1M
IPO Mcap $7.6M
ASX POW P/E -
Protean Wave Energy (2010, Perth)
Multi-directional point absorber system

72
Tidal
EEL Energy (2011, Paris, $3.9M)
Developer of the EEL Tidal Energy Converter to
harness tidal current energy
Bpifrance, Frisquet
Big Moon Power (2015, Salt Lake City)
Developer of tidal current harvesting device
SeaQurrent (2013, Grou)
Developer of tidal kites to harness tidal energy
Project Developers
Atlantis Resources (1996, Edinburgh, $28.2M)
IPO Date Feb 2014 Mcap -
IPO Mcap $121M
LON ARL P/E -
Ocean Currents
Tidal energy generation systems and grid control
systems
Underwater turbines
Scotrenewables Tidal Power (2002,
Kirkwall, $20.5M)
Tidal power based turbine developer
Horizon 2020 Projects, DP Energy, ScotMarine and
4 Other Investors
IPO Date Dec 2015 Mcap -
IPO Mcap -
STO MINEST P/E -

73
Ocean Currents
Flumill (2002, Faervik)
Helical screw horizontal axis turbines
Enova, Innovation Norway
GKinetic Energy (2014, Newcastle West)
Patented vertical axis turbine device for ocean
currents, rivers and canals.
SEAI
Seatrec (2012, Monrovia, $350k)
Energy harvesting from temperature differences in
oceans
Breakout Labs, United States Department of
Defense
Ocean Thermal Energy Corporation
(1988, Lancaster)
Developer of marine technologies based on OTEC
and SWAC
IPO Date - Mcap -
IPO Mcap -
- - P/E -
Technology to produce electricity from salinity
gradient
Minicorn. Stage: Seed
Go Capital, Demeter

Funded Deadpooled Companies
74
Excludes all details for Chinese companies
Marine Energy > Appendix > Funded Deadpooled Companies
View all 37 Deadpooled companies on Tracxn Platform
Funding Company Location
$44.5M Aquamarine Power Edinburgh
$43.6M Pelamis Wave
Power
Edinburgh
$24M Orecon Cornwall
$2.4M Wavebob Dublin
$1M Langlee Wave
Power
Asker
$472k Green Ocean
Energy
Shoreview
Cetus Energy Melbourne
Vigor Wave Energy Gothenburg
SyncWave Energy Tofino
Wave Tube Gothenburg
Index of Deadpooled companies in Marine Energy

Manager - Sector Specialist
Senior Analyst
Team
75
For research queries write to us at myanalyst@tracxn.com
Amit Singh
AVP - Research

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