A Canadian cleantech company has closed an oversubscribed pre-seed funding round worth more than USD 1.3 million to accelerate the development of its new revolutionary wave energy technology.
Dartmouth-based Voltai, a company that develops motion-powered generators that convert wave and vibration energy into clean electricity, secured the funds after its innovative solution caught the attention of investors eager to unlock the ocean’s vast renewable potential.
The round was led by economic development agency Invest Nova Scotia, with participation from an angel investor group headed by Mahir Sahin, a former advisor to Alphabet’s Moonshot Factory X (formerly Google X) and founder of Cloudberry Ventures.
“Voltai’s electrostatic generator, with its unique energy conversion mechanism, makes wave energy conversion efficient and cost-effective,” Jen Fuccillo, Invest Nova Scotia investment principal, stated.
The CAD 1.83 million (USD 1.31 million) funding is expected to help the company advance its proprietary electrostatic generator. The novel solution is a compact, top-like device that harvests kinetic energy from waves and vessel movements.
Unlike conventional wave energy systems that rely on bulky buoys or submerged turbines, the innovative generators can be installed directly on ships and offshore structures without drag or performance loss.
“The support we’ve received from Invest Nova Scotia and our investors is both exciting and validating,” Maja Maher, Voltai CEO and founder, said. “It reinforces our belief in this technology and its potential to help the shipping industry reach its net-zero targets.”
According to the company, the system is lightweight, maintenance-friendly, and capable of producing continuous onboard power using nothing but the ocean’s natural motion.
“Harnessing the energy potential of waves has long posed significant challenges,” Fuccill explained. “Voltai’s electrostatic generator, with its unique energy conversion mechanism, addresses these challenges head-on to make wave energy conversion efficient and cost-effective.”
The company is scaling its prototype from 25 watts (W) to 100 watts. It plans to bundle 10 units into a one-kilowatt (kW) system. The project aims to deliver a compact and durable power source for marine and mobile use.
According to Voltai, the technology is designed primarily for maritime and offshore applications such as powering vessels and navigation systems and supporting coastal infrastructure and research stations.
“Invest Nova Scotia is excited to support Voltai through its next growth phase, commercializing their generators for the shipping industry,” Fuccillo stated in a press release.
The company believes the system and its ability to generate energy directly onboard could help ships reduce their dependence on fossil fuels, at the same time, improving operational efficiency and lowering CO2 emissions.
“By harnessing the power of the ocean as a renewable energy source, Voltai could unlock vast potential in Nova Scotia, and globally, offering a promising solution to decarbonize industries, develop localized energy production, and reduce greenhouse gas emissions,” Fuccillo elaborated.
