The Munich startup Sinn Power has received financing of €4.7 million. The technology leader in power generation from ocean waves and the Swiss "Kapital Global Impact Fund AG" have agreed on a joint future.
The Swiss company is joining as a shareholder with a capital contribution of €4.7 million. This will enable Sinn Power to develop its patented technology to market maturity by 2022. To this end, the startup will implement wave power projects to demonstrate the technology's cost and CO2 savings potential to future customers on coastal sites around the world.
As part of the investment, Umut Ertan, owner of the Schweizer Kapital Global Impact Fund, joins the shareholder structure around Dr. Lothar Stein and Dorothea Sick-Thies. The Swiss fund, in turn, was initiated by entrepreneur Ertan in 2018 to support startups with sustainability-related and scalable business models through impact investing.
Investor and startup want to combine ecology and economy
For the founder of the startup, Philipp SinnThe new shareholder shares Sinn Power's vision of boldly and visionarily demonstrating the compatibility of ecology and economy. Sinn says:
“As a valuable addition to our network of strong investors, the federal government, and our team, Umut brings us a big step closer to this goal.”
investor Umut Ertan says:
"Sinn Power has a clear mission, a passion for innovation, and a highly motivated, talented team. With this combination, we are firmly convinced that our investment will bring the wave power plant to market maturity."
Thanks to government funding programs How Exist With the help of a grant from the German energy research program and the support of private investors, the startup successfully tested a prototype of its wave power plant in the Mediterranean in 2015. Initial projects, for example in Cape Verde, are now intended to demonstrate wave energy as an alternative to diesel generators on remote coasts.
