As per Electrive, 3 million euros came from Energy Transition Fund Rotterdam and one million was provided by existing investors, such as Ponooc and Yard Energy.

The team at EST-Floattech develops battery solutions suitable for use in the seaway transport, both for hybrid and fully electric ships, while the battery management system is also developed in-house.

Company officials said that the 4 million euros financing will be used for national and international growth, with a focus on Northwest Europe and a partnership with DuraPower will allow the company to reach markets in the Asia-Oceania region.

Following a successful project in 2022, when it equipped a large ship with a 504kWh battery system, EST-Floattech now aims to focus more of its R&D on these types of large vessels.

Joep Gorgels, CFO and CBDO of EST-Floattech, said that "the investment of Energietransitiefonds Rotterdam and the current shareholders in EST-Floattech not only brings new capital, which helps us take the next step towards growth, it also shows that the Netherlands believes in the power of innovation and sustainable energy."

As of right now, only 1% of the world's shipping industry is electrified and we will need to invest heavily into decarbonizing small and large vessels to achieve our net-zero goals by mid-century. At the same time, EU officials expect inland and short sea routes to grow 50% by 2050 when compared to 2015, while for international shipping, the increase is estimated at 200% between 2023 and 2050.

Photo source: EST-Floattech