Zparq, a Swedish deeptech company, has been awarded €5.5m (US$6.4m) in EU funding to complete the development and scaling of its Z10 electric drivetrain platform, enabling the company to support the marine sector’s shift toward sustainable, zero-emission propulsion.
Zparq was one of 40 European startups selected for the EIC Accelerator program, which targets technologies with transformative market potential and which allocated nearly €230m (US$267m) in this round.
In addition to the EU funding, existing investors InnoEnergy, Santander Climate Fund and Almi Invest Greentech will continue to support the company on its path to commercialization and global expansion.
“This milestone underscores both the technological strength of our platform and the momentum for change across the marine industry,” said Jonas Genchel, CEO and co-founder of Zparq. “With increasing regulatory pressure and clear customer demand for sustainable propulsion, the time for electrification is now. Our Z10 platform proves that electric propulsion can be clean, safe and fully competitive, not only in performance but also in cost and reliability.”
“Zparq is a prime example of how European deeptech innovation can transform entire industries,” added Lowina Lundström, CEO of InnoEnergy Scandinavia. “Their drivetrain platform addresses one of the most challenging sectors to decarbonize – marine propulsion – by combining technical excellence with industrial scalability. At InnoEnergy, we are proud to support Zparq in bringing this breakthrough to market, thereby accelerating Europe’s leadership in clean and competitive marine technology.”
With the financing, Zparq says it will be able to complete the development of the entire Z10 platform. It will also be used to scale up the technology for wider market adoption and industrial production, and to attract international partners and customers in the transport sector.
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