Zparq, a Swedish firm developing electric drivetrains, has secured €5.5m in EU funding to advance its Z10 platform.
The funding, combining a grant and equity investment, will support the company’s work to scale production on its Z10 electric marine drivetrain.
The company is among 40 European startups selected for the EIC Accelerator programme, which targets deeptech innovations with strong market potential. The programme received over 1,000 applications, with around €230m awarded in total.
In addition to EU funding, existing investors InnoEnergy, Santander Climate Fund and Almi Invest Greentech have confirmed their continued support for Zparq as it moves towards commercialisation.
“This milestone underscores both the technological strength of our platform and the momentum for change across the marine industry,” says 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.”
Lowina Lundström, CEO of InnoEnergy Scandinavia, adds: “Zparq is a prime example of how European deeptech innovation can transform entire industries.
“Their drivetrain platform addresses one of the most challenging sectors to decarbonise – 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.”
Environmental and regulatory pressures are accelerating the move toward electrification in the marine sector. Zparq says its Z10 drivetrain is designed for both leisure and commercial vessels and incorporates safety, battery management and anti-theft systems.
The company says it plans to use the new funding to complete Z10 platform development and scale the technology for production.
“We are incredibly happy and proud to have been selected for the EIC Accelerator in such tough competition. It is a strong validation that our technology comes at the right time and has the potential to make a real difference,” adds Genchel.
“This recognition and funding will allow us to scale faster, build new partnerships and drive the systemic change needed to decarbonise waterways.”
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