Voltai raises CAD $1.83M to harness wave energy from ships

Voltai has secured pre-seed financing of CAD $1.83 million in a round that was led by Invest Nova Scotia and attracted strong interest from a group of angel investors.

The Canadian renewable energy company, based in Dartmouth, Nova Scotia, is developing electrostatic generators that convert kinetic energy from ocean waves and vessels into electricity. The financing will support the company's efforts to accelerate the development and commercial deployment of its technology within the maritime sector.

Technological application

Voltai's electrostatic generator is marketed as the first viable wave energy harvesting solution for ships and other moving vessels. According to the company, the units can be installed without adding drag, and they are aimed at helping shipping, maritime, and offshore industries reduce dependence on fossil fuels and lower emissions.

Maja Maher, Chief Executive Officer and Founder, described the significance of the company's new backing and outlined Voltai's immediate focus.

"The support we've received from Invest Nova Scotia and our investors is both exciting and validating. It reinforces our belief in this technology and its potential to help the shipping industry reach its net-zero targets. This funding allows us to fast-track our development and bring real, scalable solutions to a sector that urgently needs them."

Voltai states that its generators capture the kinetic energy from both ocean waves and the routine movement of vessels, converting this motion into "reliable and renewable electricity". The company sees its technology as offering a practical method for utilising wave energy at sea for the first time at scale, aiming to cut both emissions and operational costs for fleet operators and offshore platforms.

The maritime sector has been under growing pressure to find cleaner sources of energy and achieve net-zero emissions targets. According to the International Maritime Organisation, reducing reliance on fossil fuels will be critical if the shipping industry is to meet global climate commitments. The IMO stated in its strategy that it aims to see 5 per cent of sector energy coming from zero-emission resources by 2030.

With fresh funding secured, Voltai will aim to capitalise on these industry trends and position itself for continued growth. The company has stated it is preparing for a forthcoming seed round to support further expansion and the scaling of its technology for deployment in the global maritime market.

Investment and support

Invest Nova Scotia, a provincial business development agency backing deep technology start-ups in the region, led the funding round. The round was oversubscribed and included participation from an angel investor group headed by Mahir Sahin, former advisor to Alphabet's Moonshot Factory X and founder of Cloudberry Ventures.

Jen Fuccillo, Investment Principal at Invest Nova Scotia, commented on the decision to invest in Voltai, highlighting the technical merits of the company's approach to wave energy conversion.

"Voltai's electrostatic generator, with its unique energy conversion mechanism, addresses these challenges head-on to make wave energy conversion efficient and cost-effective. Invest Nova Scotia is excited to support Voltai through its next phase of growth commercializing their generators for the shipping industry," she said. "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."