Hydro Wind Energy obtains a 50 million euro commitment from the GEM group to disrupt the energy and desalination markets
SAN FRANCISCO, CALIFORNIA, USA, December 29, 2021 /EINPresswire.com/ – Hydro Wind Energy today announced that it has signed an agreement with GEM Global Yield LLC SCS (“GEM”), a private investment group, for a 50 million euros of capital commitment. The deal will help Hydro Wind Energy disrupt global energy and desalination markets.
Under the terms of the agreement, GEM undertakes to provide Hydro Wind Energy with a stock subscription facility of 50 million euros for a period of 36 months after the public listing of the company’s shares on a European stock exchange or American. Hydro Wind Energy will control the timing and maximum amount of drawdown under the Plant and has no minimum drawdown obligation. Along with the public listing of Hydro Wind Energy shares, GEM will receive warrants to purchase shares of the company.
Hydro Wind Energy based in London, San Francisco and Dubai is a tech startup developing disruptive technology to solve three of the biggest challenges of the 21st century, low cost clean electricity, grid scale energy storage and the scarcity of water. The three solutions ultimately exploit offshore wind using vertical axis wind rotors and offshore kite systems. They also developed and marketed the world’s only low-cost portable seawater desalination device for humanitarian and maritime purposes.
In 2020, the company was selected by the World Economic Forum as one of the top 100 startups shaping the Fourth Industrial Revolution. The company is backed by Techstars, one of the world’s largest venture capital and technology accelerators.
The financing raised from GEM will go to the development of electricity generation (OceanHydro Wind) and water desalination (SubSea RO Wind) technologies, as well as to the scaling up of QuenchSea (portable water desalination device). seawater) globally.
OceanHydro Wind and SubSea RO Wind are both powered by high altitude ocean kites and vertical axis wind rotors rather than turbines. The technology ultimately uses the wind for mechanical lift rather than converting directly to electricity. This reduces the cost of desalination by 90% compared to all other technologies. It also enables a much more efficient method of generating, storing and distributing electricity, compared to conventional wind turbines which are unable to store or distribute electricity on demand. The technology also opens up access to offshore wind in deep waters where 80% of the world’s wind resources exist and provides ancillary services for grid resilience.
The company is currently in the middle of a project to build and test a small-scale system of the two technologies off the coast of Fujairah in the United Arab Emirates with several offshore engineering companies and strategic partners. A project that will lay the foundations for a larger scale demonstrator. The company plans to complete both prototypes to scale by the end of 2022, with full-scale commercialization slated for 2023. Annual revenues are expected to reach at least $ 300 million by 2025.
Water scarcity, energy storage and low cost clean electricity are three of the greatest challenges of the 21st century. About two billion people live in areas plagued by water scarcity, one billion lack access to electricity, and the global transition to renewables requires cost-effective energy storage solutions at scale. of the network. The value of the energy market is expected to double from $ 9 trillion today to $ 18 trillion by 2050.
Lee King, CEO and Co-Founder of Hydro Wind Energy, said: “The integration of GEM is a fundamental step in realizing our vision to play a leading role in the global transition. Our technology is ultimately about structural design, systems integration and automation rather than making leaps and bounds in technology development. It is essentially a simple technology with immense potential for impact in the shortest possible time. What we do is combine existing and proven technologies in an innovative way to solve very big challenges while reducing costs.
“GEM’s financial commitment and parallel public listing will allow us to accelerate large-scale testing and commercialization”
About hydro wind power
Based in San Francisco, London and Dubai, Hydro Wind Energy, backed by Techstars, is a tech startup developing disruptive technologies to help solve three of the biggest challenges of the 21st century: low-cost clean electricity, energy storage network scale and small and large scale water desalination.
About Global Emerging Markets (GEM)
Global Emerging Markets (GEM) is a $ 3.4 billion alternative investment group with operations in Paris, New York and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed 400 transactions in 70 countries. Each investment vehicle has different sets of operational concepts of risk-adjusted return and liquidity profile. The family of funds and investment vehicles provides GEM and its partners with exposure to: buyouts of companies by small and mid-cap managers, private investments in public equities and selected venture capital investments . For more information: www.gemny.com