Marine Energy Sector Report

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Marine Energy - Jul 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on July 3, 2018.
Marine Energy Feed Summary
4
Marine Energy > Feed Summary
Marine Energy or Ocean Energy is energy generated from ocean's waves, tides, currents, temperature differences and
salinity gradient
• Inclusions: All companies which have developed
energy converters to harness energy from any of the
ocean energy sources are included.
• Exclusions: Consultancies and in-house university-
developed energy converters are excluded from the
scope of the feed. Off-shore drilling companies which
are mainly focussed towards drilling operations with a
minor focus on marine energy are also not included in
the scope.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$618M
Funding
6
Mega
Companies
90262
FundedCovered on
Tracxn
-
Unicorns
-
Soonicorns
4
Minicorns
6
IPO’d Cos
30
Late Stage Cos
6
-
Acquisitions
38
DeadPooled
4
Acquihired
Series A+ Cos
Carnegie Clean Energy
(1999, Belmont, Public)
Minesto
(2007, Vastra Frolunda, Public)
Atlantis Resources
(1996, Edinburgh, Public)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Marine Energy
5
$1.5M - Seed
Sweetch Energy (2015, Lorient, $1.5M)
PE
AW-Energy (2002, Vantaa, $28.4M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Marine Energy > Feed Summary > Investment Trend Summary
Seed CapDecisif Management (#1), Force29 (#1), Go Capital (#1)
Series A/B Force29 (#1), Go Capital (#1), Inerjys (#1)
Series C+
Incubators Chalmers Ventures (#1)
Other Notable
Investors
European Commission (#5), Bpifrance (#3), Scottish Enterprise
(#3)
Debt Investors PMV (#1)
Most Active InvestorsRecent Investments
9 9 15 6 8 6
$18M $28M
$233M
$72M
$11M $16M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$474M
$32.1M
$20.5M
$17.8M
$6M
Europe
Canada
Scotland
US
Australia
$ Funding
12
15
13
6
1
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded

Summary of exit outlook in Marine Energy
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
BGA Invest 1 Minesto (2007, Vastra Frolunda, $2.5M)
Dunross 1 Minesto (2007, Vastra Frolunda, $2.5M)
Midroc 1 Minesto (2007, Vastra Frolunda, $2.5M)
Saab 1 Minesto (2007, Vastra Frolunda, $2.5M)
Statkraft 1 Atlantis Resources (1996, Edinburgh, $28.2M)
Marine Energy > Feed Summary > Exit Outlook Summary
Recent IPOs Top Acquisitions
Protean Energy Dec 2006
Developer of wave energy conversion techn…
IPO MCap: $7.6M Current MCap: -
Ocean Thermal Energy Corporation
Developer of marine technologies based on…
IPO MCap: - Current MCap: -
Developer of CETO wave energy converter a…
Minesto Dec 2015
Device to harness tidal energy
Atlantis Resources Feb 2014
Tidal power plant developer
IPO MCap: $121M Current MCap: -
Ocean Power Technologies Apr 2007
Point absorber wave energy converter
IPO MCap: $204M Current MCap: $20.9M

FACTSHEET
Feed Report - Marine Energy - Jun 2018 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Overview
Companies 262
Funded 90 Series A+ 30
Funding $618M Last 2 yrs $63M
Most Active Investors
Seed Go Capital (1)
Series A/B Go Capital (1)
Others European Commission (5)
Incubators Chalmers Ventures (1)
Top Cities
Den Oever 1 Cos $200M
Edinburgh 9 Cos $117M
Feed in Numbers
Unicorns - Soonicorns -
Minicorns 4 Editor Picks 20
Acquihired 4 Deadpooled 38
Top Companies
Carnegie Clean
Energy
(1999, Belmont, Public)
Atlantis
Resources
(1996, Edinburgh, Public)
Minesto (2007, Vastra Frolunda, Public)
Exits
IPOs 6 Minesto, Atlantis Resources
Acquisitions - -
Top Acquirers -
Marketmap: Marine Energy
WAVE ENERGY CONVERTERS
POINT ABSORBER
ATTENUATOR
OSCILLATING
SURGE CONVERTER
PRESSURE DIFFERENTIAL
OCEAN ENERGY CONVERTORS
OCEAN CURRENTS
OSCILLATING WATER COLUMN
TIDAL ENERGY CONVERTORS
TIDAL TURBINES
OCEAN THERMAL ENERGY
TIDAL BARRAGES
MULTI-SOURCE
HORIZONTAL AXIS TURBINES
BLUE ENERGY
SALINITY GRADIENT
POWER CONVERSION
PROJECT DEVELOPERS
VERTICAL AXIS TURBINES
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
Marine Energy > Feed Summary > BlueBox
7
For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.

Key Sub Sectors in Marine Energy Sector
Summary of Key Markets
8
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Tidal
Companies developing energy generation equipment
and providing services to harness tidal...
21 6 $232M
Wave
Companies developing wave energy converters and
providing services to harness wave energy
144 49 $222M
Ocean Currents
and providing services to harness energy...
61 25 $154M
Multi-Source Energy Provider
Companies developing technologies and providing
services for marine energy applications...
22 4 $2.5M
Salinity Gradient Power Conversion
and providing services to harness energy...
2 1 $1.5M
Ocean Thermal Energy Conversion
and providing services to harness ocean...
9 4 $350k
Marine Energy > Feed Summary > Summary of Key Markets

List of Notable Companies in Marine Energy
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Marine Energy > Feed Summary > Notable Companies in the Sector
Public
Ocean Power
Technologies
(1994, Pennington)*
Atlantis Resources
(1996, Edinburgh, $28.2M)
Protean Energy
(2006, Perth)
Minesto
(2007, Vastra Frolunda, $2.5M)
(1999, Belmont)
Ocean Thermal Energy
Corporation
(1988, Lancaster)

List of Notable Companies by Market in Marine Energy
Notable Companies by Market (1/2)
11
Marine Energy > Feed Summary > Notable Companies by Market
Wave
Energy Converters
Carnegie Clean Energy (1999, Belmont)
Developer of CETO wave energy converter and
solar PV systems
Minicorn. Stage: Public
NERA, CommBank
Protean Energy (2006, Perth)
Developer of wave energy conversion technologies
Editor's Pick. Stage: Public
Ocean Power Technologies (1994,
Pennington)
Stage: Public
Australian Renewable Energy Agency, Department
of Energy, European Commission and 1 Other
Investors
Tidal
Project Developers
Atlantis Resources (1996, Edinburgh, $28.2M)
European Commission, Morgan Stanley, EDBI and 2
Other Investors
Ocean Currents
Energy Generation Equipment
Minesto (2007, Vastra Frolunda, $2.5M)
Swedish Energy Agency, KIC InnoEnergy, European
Commission and 8 Other Investors

List of Notable Companies by Market in Marine Energy
Notable Companies by Market (2/2)
12
Marine Energy > Feed Summary > Notable Companies by Market
Ocean Thermal Energy Corporation (1988,
Lancaster)
Developer of marine technologies based on OTEC
and SWAC

Recent News in Marine Energy Sector
Recent News
13
Jun 2018
Australia’ Carnegie to sell solar/microgrid business to Tag Pacific,
Compelo
Jun 2018
Ocean Power Technologies Signs Contract with Premier Oil for a
PowerBuoy™ deployment in the Central North Sea, GlobeNewswire
Jun 2018
Ocean Power Tech gets wave power patent for low to moderate
seas, Seeking Alpha
Jun 2018
Minesto Reinforces its Project Finance Capability Through New
Board Members, PR Newswire
Jun 2018
Wales offers funding for world's first tidal lagoon project,
financetime.org
Jun 2018
Kasteleijn, Nijs Join Tocardo Managing Board, Marine Technology
News
Jun 2018
‘Promising’ trial prompts EEL Energy’s investment search,
marineenergy.biz
Jun 2018 MPS completes PowerBuoy commissioning, Your Subsea News
May 2018
Point Absorber Market Latest trends advancements 2025,
iCrowdNewswire
May 2018
SeaQurrent explores Wadden Sea tidal energy options,
marineenergy.biz
May 2018
Verdant Power runs a million-dollar tidal investment round,
marineenergy.biz
May 2018
Carnegie Clean Energy raises $5.3 million for solar, battery and
wave energy projects, Proactive Investors
Apr 2018 Carnegie floats multi-million share purchase offer, marineenergy.biz
Key Recent News Key Recent News
Mar 2018
RedT Energy Wins Storage Contract For UK Tidal Generation
Project, London South East
Feb 2018
Wood secures North Sea industrial services contract with
Bluewater, Oil and Gas News
Jan 2018
Minesto may make smaller marine kite to expand market reach,
Renewables Now
Jan 2018 OTE adds new advisory board member, Tidal Energy Today
Jan 2018 French tackle tidal grid, Tidal Energy Today
Jan 2018 Bombora Expands Operations in Europe, Global Renewable News
Jan 2018 Wave Swell validates wave energy device, Tidal Energy Today
Jan 2018
Atlantis Resources PLC set to sell its stake in Canadian joint venture
to partner DP Energy, Proactive Investors
Jan 2018 OPT finds larger manufacturing base, Tidal Energy Today
Jan 2018 CalWave gets Breakout Labs funding, Tidal Energy Today
Jan 2018 Minesto scouts for project delivery lead, Tidal Energy Today
Jan 2018
Israel's Yam Pro Energy and India's Shapoorji Pallonji to Build
Energy Station in Ghana, Trillions
Jan 2018
Tribute Resources Inc. Announces the Expiration of the Term Sheet
and Proposed Share Swap with Tocardo International BV, FSCWire
Dec 2017 Spanish wave firm bags Horizon 2020 funding, Tidal Energy Today
Marine Energy > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
14
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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$30M
$16M $18M
$28M
$233M
$72M
$11M $16M
0
2
4
6
8
10
12
14
16
$0k
$50M
$100M
$150M
$200M
$250M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
Investments ($M) and number of rounds in Marine Energy; 2011-2018
Global Funding Trends (1/2)
16
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Marine Energy > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 4% # of Rounds16% $ Funding
7% # of Rounds
27% $ Funding

5 7 4 5 7 3 3 1
5
2
3 3
6 2 5
4
2 2 2 1
2
1 1
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
12
6
Total # of Rounds
$4M
$3M
$2M
$2M $6M $4M
$4M
$1M
$12M $4M
$4M
$6M $18M
$15M
$7M
$14M
$14M $9M $12M $19M
$209M
$53M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$0K $0K $0K $0K
$200M
$53M
$0K $0K
0
0.2
0.4
0.6
0.8
1
1.2
0
50000000
100000000
150000000
200000000
250000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
17
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Marine Energy; 2011-2018
Marine Energy > Investment Trends > Global Funding Trends
11
3
3
6
3
5
3
34
$0.6M
$2.1M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
- - - - 1 1 - - $0.6M $1.7M $1.8M $2.2M $2.9M $1.3M $4.1M $2.1M
$30M
$16M
Total $ Invested

Marine Energy > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Marine Energy
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Den Oever 200M 3
Edinburgh 117M 11
Dublin 55.4M 2
Vantaa 28.4M 6
Cornwall 24M 1
Kirkwall 20.5M 2
Espoo 14.2M 6
Quimper 8.5M 2
Halifax 8.1M 1
Stockholm 7.9M 3
Total Funding
38
3
2
19
7
2
1
2
# Rounds
$474M
$32.1M
$20.5M
$17.8M
$6M
$5M
$5M
$4M
Europe
Canada
Scotland
US
Australia
Israel
Taiwan
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.7 $0.8
$0.6 $0.6
$0.9
$1.8 $1.3
2011 2012 2013 2014 2015 2016 2017
$1.5
$0.0
$4.0
$3.1 $3.5
$7.5
$2.7
$10.8
$3.8
$0.0 $0.0
$8.1
$0.0 $1.3
$7.1 $9.0 $12.0 $19.4
$104.3
$53.0
$0.0
Marine Energy > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Marine Energy; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$59.4K* $3.3M
$1.3M $8.5M
$1.2M $10.8M
$6M $200M
$10.5M
$3.1M
$3.6M
$666K
Series C+
Series B
Series A
Seed
Stage

Note: 46 companies with undisclosed funding amount are not included
20
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
8
25
9
1
1
No. of Companies
Marine Energy > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Marine Energy; as of Jul 2018
Distribution of companies by Funding Range
$4M
$104M
$258M
$53M
$200M
$ Investment

Stage No. of Companies
Funding
Funnel
100%
34%
11%
4%
2%
21
Note: Numbers in the brackets show the count of companies
Time to raise
next round
6
10
30
90
262
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
34% 2%
(6)
2%
(6)
2%
(4)
15%
(38)
50%
(130)
33% 6%
(5)
6%
(5)
1%
(1)
11%
(10)
54%
(49)
33% 3%
(1)
3%
(1)
- 13%
(4)
53%
(16)
60% 10%
(1)
10%
(1)
- 20%
(2)
20%
(2)
- 17%
(1)
17%
(1)
- 17%
(1)
17%
(1)
Marine Energy > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Marine Energy
Funding Funnel
17 Months
17 Months
25 Months
Investment backedBootstrapped
5
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Marine Energy > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Marine Energy; Jul 2016-Jul 2018
Notable Investments in last 24 months
LATE STAGE
PE May 2018
Wave energy technology developer based on
hydrodynamic movement
MaRINET2
SEED STAGE
$1.5M - Seed May 2017
Technology to produce electricity from salinity
gradient
Emertec Gestion, Go Capital

Most Active Investors (VC, PE) by Stage in Marine Energy; Last 5 years (Jul 2013-Jul 2018)
Most Active VC & PE Investors
23
Marine Energy > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Go Capital
Sweetch Energy
1
Force29
Open Ocean
2
Seventure Partners
Open Ocean
3
CapDecisif Management
Open Ocean
4
Qbic Fund
Laminaria
5
West Hill Capital
Resen Waves
6
EARLY STAGE
Go Capital
Sabella
1
Force29
Sabella
2
Invitalia Ventures
40South Energy
3
Inerjys
Black Rock Tidal Power
4
Pirveli Ventures
Eco Wave Power
5
Vodia Ventures
Resolute Marine Energy
6

Marine Energy > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Marine Energy; Last 5 years (Jul 2013-Jul 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Chalmers Ventures
Minesto
1
OTHER NOTABLE INVESTORS
European Commission(5 Investments)
Aquamarine Power, Atlantis Resources, Wello
1
Bpifrance(3 Investments)
Sabella, EEL Energy, Open Ocean
2
Scottish Enterprise(3 Investments)
Sustainable Marine Energy, Albatern, Current2Current
3
Australian Renewable Energy Agency
(2 Investments)
Bombora Wave Power, Ocean Power Technologies
4
AustralianGrants(2 Investments)
Sealite
5
Emertec Gestion(2 Investments)
Sabella, Sweetch Energy
6
Swedish Energy Agency(2 Investments)
CorPower Ocean, Minesto
7
European Union(2 Investments)
AW-Energy, Crestwing
8
Fortum(2 Investments)
Wello, Seabased
9
UK Government(2 Investments)
Marine Power Systems, Marine Current Turbines
10
DEBT INVESTORS
PMV
Laminaria
1

Marine Energy > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club

Marine Energy > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
27
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

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FACTSHEET
Feed Report - Marine Energy - Jun 2018 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Marketmap: Marine Energy
29
Marine Energy > Market Details > BlueBox

Key Sub Sectors
30
Key Sub Sectors in Marine Energy
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Tidal
Companies developing energy generation equipment and providing services to harness tidal
energy
Atlantis Resources (1996, Edinburgh,
Public)
Tocardo International (2008, Den Oever,
$200M)
21 6 $232M
Wave
Companies developing wave energy converters and providing services to harness wave
energy
Pennington, Public)
144 49 $222M
Ocean Currents
Companies developing energy generation equipment and providing services to harness
energy from ocean currents
Minesto (2007, Vastra Frolunda, Public)
OpenHydro (2004, Dublin, $53M)
61 25 $154M
Multi-Source Energy Provider
Companies developing technologies and providing services for marine energy applications
Open Ocean (2011, Paris, $1.8M)
Trident Energy (2003, Cambridge, $666k)
22 4 $2.5M
Companies developing energy generation equipment and providing services to harness
energy from ocean salinity gradient
Red Stack (2005, Groningen)
2 1 $1.5M
Companies developing energy generation equipment and providing services to harness ocean
thermal energy
Ocean Thermal Energy Corporation (1988,
Lancaster, Public)
Seatrec (2012, Monrovia, $350k)
9 4 $350k
Marine Energy > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
31
Marine Energy > Market Details > Detailed Sector Taxonomy

32

33

34

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
35
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies
37
Performance indicators of public companies in Marine Energy
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Dec 2015
Minesto (2007, Vastra Frolunda)
STO:MINEST
Feb 2014
Atlantis Resources (1996, Edinburgh)
$121M $290k LON:ARL
Apr 2007
Ocean Power Technologies (1994, Pennington)
$20.9M $204M $843k NASDAQ:OPTT
Dec 2006
$7.6M $1.2k POW
Ocean Thermal Energy Corporation (1988, Lancaster)
Developer of marine technologies based on OTEC and SWAC
Developer of CETO wave energy converter and solar PV systems
Marine Energy > Exit Outlook > Public Companies

Acqui-hires
38
List of Acqui-hires in Marine Energy
Excludes all details for Chinese companies
Date Target
Apr-15
Marine Current Turbines Acq by Atlantis
Resources
Nov-14
IHC Tidal Energy Acq by Tocardo
International
Jun-14
SDE Energy Acq by Blackbird
International Corporation
Sep-12 Tidal Generation Acq by Alstom
Marine Energy > Exit Outlook > Acqui-hires
View all 4 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
39
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Marine Energy > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Marine Energy; Last 5 years (Jul 2013 - Jun 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Force29
Go Capital
Qbic Fund
Seventure Partners
West Hill Capital
EARLY STAGE
Force29
Go Capital
Inerjys
Invitalia Ventures
Pirveli Ventures
Vodia Ventures

Force29
42
Portfolio in Marine Energy | Exits | Funds Link | Website | LinkedIn | Twitter
Marine Energy > Investors > Force29
Investments
[Editor's Pick] Eolink (2015, Plouzane, $1.2M, Seed)
Developer of offshore floating wind turbine technology
[Editor's Pick] eOdyn (2015, Plouzane, $657k, Seed)
Data set provider to manage ocean dynamics
Other Notable Portfolio
Top Exits Recent News on Fund & Portfolio
Geographical Spread Stage of Entry
Aug 2017
Sabella mobilizes Olympic Taurus for cable repair
services, Tidal Energy Today
Jun 2017 $25-M tidal power plant in Samar eyed, INQUIRER.net
Dec 2016
French marine turbine maker Sabella raises €8 million,
Tech.eu
None
1 1
2013 2014 2015 2016 2017 2018
Follow On New Investments
-
-
-
1
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

Go Capital
43
Marine Energy > Investors > Go Capital
People
Investments
[Minicorn] Sweetch Energy (2015, Lorient, $1.5M, Seed)
Technology to produce electricity from salinity gradient
Marine Energy Notable Portfolio
[Minicorn] Qowisio (2009, Angers, $11.9M, Series A)
Low cost and low energy consumption wireless networks for
connected objects
[Editor's Pick] Blacknut (2016, Rennes, $2.6M, Seed)
Netflix for video games
[Editor's Pick] Kemwatt (2014, Rennes, $2.5M, Seed)
Flow battery technology developer
[Editor's Pick] Comparateur Agricole (2016, Chateaudun,
Funded)
Online platform for farmers to find farm input suppliers and to market
their products digitally
Top Exits
Recent News on Fund & Portfolio
Eric Cozanet
CEO
Aug 2017
Sabella mobilizes Olympic Taurus for cable repair
services, Tidal Energy Today
Jun 2017 $25-M tidal power plant in Samar eyed, INQUIRER.net
Dec 2016
French marine turbine maker Sabella raises €8 million,
Tech.euNone
1 1
2013 2014 2015 2016 2017 2018
-
-
-
1
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

Qbic Fund
44
Marine Energy > Investors > Qbic Fund
People
Investments
[Minicorn] Sentiance (2012, Antwerp, $19.6M, Series C)
Mobile Analytics platform to build user profiles for contextual
targeting
[Editor's Pick] Aphea Bio (2016, Zwijnaarde, $8.6M, Series A)
Developing biopesticides & biostimulants from natural
microorganisms
[Editor's Pick] CoScale (2012, Ghent, $4M, Series A)
Platform to monitor containers and microservices
Top Exits
Jean Van
Nuwenborg
Co-Founder &
Managing Partner
Martin De
Prycker
Co-Founder &
Managing Partner
Sofie Baeten
Co-Founder &
Managing Partner
Sep 2017
Laminaria Raises USD2.4 Million in Venture Financing,
Research Views
None
1
2013 2014 2015 2016 2017 2018
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Europe

45
Marine Energy > Investors > CapDecisif Management

Seventure Partners
46
Marine Energy > Investors > Seventure Partners

West Hill Capital
47
Marine Energy > Investors > West Hill Capital

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
48
Seed Stage
Early Stage
Late Stage

Force29
49
Marine Energy > Investors > Force29

Go Capital
50
Marine Energy > Investors > Go Capital

Invitalia Ventures
51
Marine Energy > Investors > Invitalia Ventures

Pirveli Ventures
52
Marine Energy > Investors > Pirveli Ventures

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
53
Incubators
Other Notable Investors
Debt Investors

Marine Energy > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Marine Energy; Q2 2013 - Q2 2018
Index of Ecosystem Investors
INCUBATOR
Chalmers Ventures
OTHER NOTABLE INVESTORS
European Commission (5 Investments)
Bpifrance (3 Investments)
Scottish Enterprise (3 Investments)
Australian Renewable Energy Agency (2
Investments)
AustralianGrants (2 Investments)
Emertec Gestion (2 Investments)
Swedish Energy Agency (2 Investments)
European Union (2 Investments)
Fortum (2 Investments)
UK Government (2 Investments)
KIC InnoEnergy (2 Investments)
Schottel Hydro (2 Investments)
Government of Australia
Big Lottery Fund
Breakout Labs
DEBT INVESTORS
PMV

Chalmers Ventures
55
Marine Energy > Investors > Chalmers Ventures
People
Investments
[Editor's Pick] Zero Point Technologies (2015, Gothenburg,
$1.3M, Seed)
Hardware IP solutions for memory compression
[Editor's Pick] ReVibe Energy (2014, Gothenburg, $450k, Series
A)
Energy harvesting by converting vibrations into electricity
[Editor's Pick] Cereduce (2010, Gothenburg, $178k, Seed)
Metabolic engineering of yeast for low alcohol fermentation
[Editor's Pick] Medfield Diagnostics (2003, Gothenburg,
Funded)
Systems for pre-hospitalization diagnostics of brain injuries
[Editor's Pick] BioNote (2015, Gothenburg, Funded)
Online species identification and discovery platform through photo
sharing
Top Exits
Linnea Lindau
CEO
Jan 2018
Minesto may make smaller marine kite to expand market
reach, Renewables Now
Jan 2018
Minesto scouts for project delivery lead, Tidal Energy
Today
Dec 2017
Minesto targets $12M to finance tidal ops, Tidal Energy
Today
Dec 2017
Leask Marine reels in Deep Green tidal installation
contract, Tidal Energy Today
Nov 2017 Minesto hires marine operators, Tidal Energy Today
Oct 2017
Minesto, ITPEnergised complete new Cost of Energy
analysis, Tidal Energy Today
Sep 2017 Minesto bulks up management crew, Tidal Energy Today
Aug 2017 Minesto still in red as revenues rise, Tidal Energy Today
May 2017
MJR to supply micro grid system for Deep Green tidal
plant, Tidal Energy Today
Apr 2017
Minesto awarded consent for Holyhead Deep installation,
Research Views
Mar 2017
Minesto to patent Deep Green installation and O&M ops,
Tidal Energy Today
Minesto
IPO - Dec 2015
2013 2014 2015 2016 2017 2018
1
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
56
Incubators
Debt Investors

European Commission
57
Marine Energy > Investors > European Commission
Investments
[Editor's Pick] Wello (2008, Espoo, $14.2M, Series B)
Wave energy converters
[Editor's Pick] CorPower Ocean (2009, Stockholm, $7.9M, Series
A)
Marine Energy Notable Portfolio
[Soonicorn] ThinFilm Electronics (1995, Oslo, Public)
Electronic labels that are web connected.
[Minicorn] Metabiota (2008, San Francisco, $34.9M, Series A)
Risk analytics to predict and control epidemic outbreaks
[Minicorn] Relex Solutions (2005, Helsinki, $23.9M, Series B)
In-memory computing technology based inventory management
software
[Minicorn] iCub (2004, Genoa, $9.3M, Funded)
Develops iCub Robot which is a humanoid
[Minicorn] Zehus (2013, Milano, $3.3M, Series A)
Propulsion systems for electric bicycles
[Editor's Pick] Epigenomics (1998, Berlin, $52M, Public)
Molecular Diagnostics for Cancer
[Editor's Pick] Sol Voltaics (2007, Lund, $49.5M, Series D)
Develops solar films made up of GsAs nanowires
[Editor's Pick] Realeyes (2007, London, $19.7M, Series B)
Emotional analytics supporting emotional advertising
[Editor's Pick] Zeetta (2015, Bristol, $3.9M, Series A)
Network Operating System
[Editor's Pick] Valitacell (2014, Dublin, $1.5M, Seed)
Products to measure antibody concentration, to measure host cell
stability and to predict the performance of a host cell in a bioreactor.
Jan 2018
Atlantis Resources PLC set to sell its stake in Canadian
joint venture to partner DP Energy, Proactive Investors
Dec 2017
Atlantis Resources to become Simec Atlantis Energy,
HydroWorld
Dec 2017
Atlantis and billionaire Gupta in energy deal, Daily
Business
Nov 2017
Atlantis Resources Limited agrees riverbed option lease
terms with Duchy of Lancaster for Wyre estuary project,
Proactive Investors
Oct 2017
Atlantis reinstalls fourth MeyGen turbine, Tidal Energy
Today
Oct 2017
Atlantis Resources presses government for subsidy
support for tidal power project Share , Proactive Investors
Oct 2017 Atlantis looking at order for eight tidal units, Digital Look
Sep 2017 Atlantis shrinks interim loss, Tidal Energy Today
Sep 2017 Atlantis to refinance for Asia expansion, Daily Business
Aug 2017 Atlantis names new CFO, Tidal Energy Today
Jun 2017 Atlantis seeks £5m tidal funds, ReNEWS
Atlantis Resources
(1996, Edinburgh, $28.2M)
IPO - Feb 2014
Minesto
IPO - Dec 2015
Ocean Power
Technologies
(1994, Pennington)
IPO - Apr 2007
1 1 11
2 2
2013 2014 2015 2016 2017 2018
-
-
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed5
1
-
-
-
Europe
US

Scottish Enterprise
58
Marine Energy > Investors > Scottish Enterprise
Investments
May 2018
iCrowdNewswire
Nov 2017 PLAT-I tidal platform fully equipped, Tidal Energy Today
Nov 2017
SME unveils PLAT-I ‘game changer’ for inshore tidal ,
Tidal Energy Today
Dec 2016
Trident Energy looks to invest in Southeast Asia oil and
gas assets, Reuters
May 2016 Scots, Schottel forge Plato link - Wave and Tidal, ReNEWS
Aug 2014
UK: Sustainable Marine Energy Completes GBP 150k SEIS
Eligible Funding Round, Offshore Wind
None
1 1
2
2013 2014 2015 2016 2017 2018
-
1
1
1
2
Undisclosed
Series C+
Series B
Series A
Seed6
2
-
-
-
Europe
US

Australian Renewable Energy Agency
59
Marine Energy > Investors > Australian Renewable Energy Agency

Swedish Energy Agency
60
Marine Energy > Investors > Swedish Energy Agency

European Union
61
Marine Energy > Investors > European Union

KIC InnoEnergy
62
Marine Energy > Investors > KIC InnoEnergy

Government of Australia
63
Marine Energy > Investors > Government of Australia

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
64
Incubators
Debt Investors

PMV
65
Marine Energy > Investors > PMV

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
66
Recent News

Recent News (1/2)
68
Marine Energy > News > Recent News
Jun 2018
Australia’ Carnegie to sell solar/microgrid business to Tag Pacific,
Compelo
Jun 2018
Ocean Power Technologies Signs Contract with Premier Oil for a
PowerBuoy™ deployment in the Central North Sea, GlobeNewswire
Jun 2018
Ocean Power Tech gets wave power patent for low to moderate
seas, Seeking Alpha
Jun 2018
Minesto Reinforces its Project Finance Capability Through New
Board Members, PR Newswire
Jun 2018
Wales offers funding for world's first tidal lagoon project,
financetime.org
Jun 2018
Kasteleijn, Nijs Join Tocardo Managing Board, Marine Technology
News
Jun 2018
‘Promising’ trial prompts EEL Energy’s investment search,
marineenergy.biz
Jun 2018 MPS completes PowerBuoy commissioning, Your Subsea News
May 2018
iCrowdNewswire
May 2018
SeaQurrent explores Wadden Sea tidal energy options,
marineenergy.biz
May 2018
Verdant Power runs a million-dollar tidal investment round,
marineenergy.biz
May 2018
Carnegie Clean Energy raises $5.3 million for solar, battery and
wave energy projects, Proactive Investors
Apr 2018 Carnegie floats multi-million share purchase offer, marineenergy.biz
Mar 2018
RedT Energy Wins Storage Contract For UK Tidal Generation
Project, London South East
Feb 2018
Wood secures North Sea industrial services contract with
Bluewater, Oil and Gas News
Jan 2018
Minesto may make smaller marine kite to expand market reach,
Renewables Now
Jan 2018 OTE adds new advisory board member, Tidal Energy Today
Jan 2018 Bombora Expands Operations in Europe, Global Renewable News
Jan 2018 Wave Swell validates wave energy device, Tidal Energy Today
Jan 2018
Atlantis Resources PLC set to sell its stake in Canadian joint venture
to partner DP Energy, Proactive Investors
Jan 2018 OPT finds larger manufacturing base, Tidal Energy Today
Jan 2018 CalWave gets Breakout Labs funding, Tidal Energy Today
Jan 2018 Minesto scouts for project delivery lead, Tidal Energy Today
Jan 2018
Israel's Yam Pro Energy and India's Shapoorji Pallonji to Build
Energy Station in Ghana, Trillions
Jan 2018
Tribute Resources Inc. Announces the Expiration of the Term Sheet
and Proposed Share Swap with Tocardo International BV, FSCWire
Dec 2017 Spanish wave firm bags Horizon 2020 funding, Tidal Energy Today

Recent News (2/2)
69
Marine Energy > News > Recent News
Dec 2017 Carnegie’s head of finance resigns, Tidal Energy Today
Dec 2017
HydroQuest set to launch turbine testing at SEENEOH in March,
Tidal Energy Today
Dec 2017 Minesto targets $12M to finance tidal ops, Tidal Energy Today
Dec 2017 Carnegie Clean Energy : Board of Directors Update, 4-Traders
Dec 2017
Israel's Yam Pro Energy Signs a 180 Million USD MOU With TATA's
Owners, Shapoorji Pallonji India, PR Newswire
Dec 2017
DP Energy appoints contractors to build Australia's largest hybrid
renewable power station, Global Renewable News
Dec 2017
Ocean Power Technologies Completes Move to its Expanded New
Location in Monroe Township, New Jersey, GlobeNewswire
Dec 2017 Atlantis Resources to become Simec Atlantis Energy, HydroWorld
Dec 2017 Canada tidal floats new plan, ReNEWS
Dec 2017
Wave power firm renews focus on carbon capture, Tidal Energy
Today
Dec 2017
Israeli and Indian tie-up to bring Ghana wave plant online, Tidal
Energy Today
Dec 2017 Atlantis and billionaire Gupta in energy deal, Daily Business
Dec 2017
Ocean Power Technologies Announces Second Quarter Fiscal 2018
Results, GlobeNewswire
Dec 2017
MHI Marine Machinery & Equipment and Wartsila to Collaborate on
Improved Power and Propulsion Solution, ACN Newswire
Dec 2017 Minesto puts trust in Leask, ReNEWS
Dec 2017
Leask Marine reels in Deep Green tidal installation contract, Tidal
Energy Today
Dec 2017 Guinard Energies looks for tidal engineer, Tidal Energy Today
Dec 2017
Promising Dublin tidal energy company OpenHydro is axing a big
share of its staff, Fora
Dec 2017 Tidal energy firm OpenHydro to cut up to 50 staff, Independent.ie
Dec 2017
EasyMile partnership to bring autonomous technology to bus, ITS
International
Nov 2017 Scots tidal hits 1GWh mark, ReNEWS
Nov 2017
Fortum takes 10% stake in wave energy firm Seabased, Renewables
Now
Nov 2017 Tidal Lagoon Power forms partnership for nature, Tidal Energy Today
Nov 2017
Nova sets up shop in Wales. Makes new appointment, Tidal Energy
Today
Nov 2017
Atlantis Resources Limited agrees riverbed option lease terms with
Duchy of Lancaster for Wyre estuary project, Proactive Investors
Nov 2017 PLAT-I tidal platform fully equipped, Tidal Energy Today
Nov 2017
Finnish firm to produce alternative energy from sea waves, Ada
Derana
Nov 2017
Bombora raises funds for wave tests, joins Carnegie in Albany,
Renewables Now
Nov 2017
Aussie firm WSE to install 200-kW wave energy unit in Tasmania,
Renewables Now

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
70
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
72
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Angel Funded
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
DeadPooled
Investors Acquirers
Unicorn Investors
Most Active Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Marine Energy > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Marine Energy
Index of Top companies by Market (1/4)
73
Marine Energy > Appendix > Index of Top companies by Market
Wave
Energy Converters
Wave energy technology developer based on
hydrodynamic movement
Minicorn. Stage: Funded
MaRINET2, European Union, Tekes and 4 Other
Investors
Wello (2008, Espoo, $14.2M)
Editor's Pick. Stage: Series B
Invesdor, European Commission, Fortum and 5
Other Investors
CorPower Ocean (2009, Stockholm, $7.9M)
Editor's Pick. Stage: Series A
European Commission, KIC InnoEnergy, HI-energy
and 2 Other Investors
Energy Converters
Aquanet Power (2014, Taipei, $5M)
Developer of WEC that are used in deep, shallow
and off shore applications
Eco Wave Power (2011, Tel Aviv, $5M)
Developer for wave power and wave energy devices
Pirveli Ventures
Developer of CETO wave energy converter and
solar PV systems
IPO Date - Mcap -
IPO Mcap -
- - P/E -
CCell (2014, London)
Oscillating surge wave converter technology
developer
Editor's Pick. Stage: Unfunded
Energy Converters
Enorasy (2015, Bedford)
Smart wave energy converter developer
Havkraft (1998, Maloy)
Developer of WEC of the Oscillating Water Column
type
Editor's Pick. Stage: Seed
Fjord Invest
IPO Date Dec 2006 Mcap -
IPO Mcap $7.6M
ASX POW P/E -
Protean Wave Energy (2010, Perth)
Multi-directional point absorber system
Editor's Pick. Stage: Funded

74
Wave
Energy Converters
Pennington)
IPO Date Apr 2007 Mcap $20.9M
IPO Mcap $204M
NASDAQ OPTT P/E -
Tidal
EEL Energy (2011, Paris, $3.9M)
Developer of the EEL Tidal Energy Converter to
harness tidal current energy
Bpifrance, Frisquet
Project Developers
Atlantis Resources (1996, Edinburgh, $28.2M)
IPO Date Feb 2014 Mcap -
IPO Mcap $121M
LON ARL P/E -

75
Ocean Currents
OpenHydro (2004, Dublin, $53M)
Tidal energy generation systems and grid control
systems
Minicorn. Stage: Funded
Scotrenewables Tidal Power (2002,
Kirkwall, $20.5M)
Tidal power based turbine developer
Horizon 2020 Projects, DP Energy, ScotMarine and
4 Other Investors
Minesto (2007, Vastra Frolunda, $2.5M)
IPO Date Dec 2015 Mcap -
IPO Mcap -
STO MINEST P/E -
Big Moon Power (2015, Salt Lake City)
Tidal current harvesting device
Flumill (2002, Faervik)
Helical screw horizontal axis turbines
Enova, Innovation Norway
GKinetic Energy (2014, Newcastle West)
Patented vertical axis turbine device for ocean
currents, rivers and canals.
SEAI
SeaQurrent (2013, Grou)
Developer of tidal kites to harness tidal energy
Seatrec (2012, Monrovia, $350k)
Energy harvesting from temperature differences in
oceans
Breakout Labs, United States Department of
Defense
Ocean Thermal Energy Corporation
(1988, Lancaster)
Developer of marine technologies based on OTEC
and SWAC
IPO Date - Mcap -
IPO Mcap -
- - P/E -

76
Technology to produce electricity from salinity
gradient
Minicorn. Stage: Seed
Emertec Gestion, Go Capital, Demeter

Funded Deadpooled Companies
77
Excludes all details for Chinese companies
Marine Energy > Appendix > Funded Deadpooled Companies
View all 38 Deadpooled companies on Tracxn Platform
Funding Company Location
$44.5M Aquamarine Power Edinburgh
$43.6M Pelamis Wave
Power
Edinburgh
$24M Orecon Cornwall
$2.4M Wavebob Dublin
$1M Langlee Wave
Power
Asker
$472k Green Ocean
Energy
Shoreview
Cetus Energy Melbourne
SyncWave Energy Tofino
Vigor Wave Energy Gothenburg
Wave Tube Gothenburg
Index of Deadpooled companies in Marine Energy

Umang Gupta
Senior Analyst
Naskanti Sai Shreshta
Research Analyst
Team
78
For research queries write to us at myanalyst@tracxn.com

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