Schweizer Kapital Global Impact Fund is investing a further €3 million in SINN Power to support the market entry of the company’s Ocean Hybrid Platform (OHP) and the modular power electronics components ModTroniX (MTX).
The €3 million comes as part of the Series B financing round and follows the fund’s €4.7 million commitment made in 2018.
With this latest investment, Schweizer Kapital Global Impact Fund becomes the main shareholder and sole investor in SINN Power through the further acquisition of shares.
The renewed investment will be used to push the market entry of the OHP and MTX technologies and direct the focus of the German company on developing the target markets.
The investment in SINN Power is said to represent the largest single investment of the Schweizer Kapital Global Impact Fund in a company.
“The Schweizer Kapital Global Impact Fund AG and Umut Ertan have contributed significantly to the fact that SINN Power is today on the verge of entering the market,” said Philipp Sinn, SINN Power CEO.
“With the current Series B financing, we can focus on the commercialization of our products and solutions. In doing so, Schweizer Kapital Global Impact Fund AG, as an important player in impact investing, will, of course, also support us strategically.”
The Ocean Hybrid Platform is designed to produce renewable energy by combining wind, wave and photovoltaics. The technology is currently being demonstrated at the pilot project site in Heraklion, Greece.
The modular platform is equipped with 192 PV modules (72 cells) rated at 390Wp each, provided by project partner Schmid Pekintas from Turkey.
The OHP will be complemented with four Huracan wind turbines rated at 10kWp each, to be supplied by Germany-based LuvSide in the first quarter of 2021, followed by four SINN Power wave energy converters set for installation in 2022.