ECOncrete secures $5 million+ Series A funding
The Israeli PortXL 2018 alumni announced the fantastic news that they have closed a $5 million+ Series A Round. This latest investment round was led by Impact investor Bridges Israel, with new investors including Barclays and a North American family office with an interest in ocean health.
The company plans to use the funding to support its expansion into new markets as well as scaling operations into large scale projects. ECOncrete’s solutions can be applied to any concrete marine infrastructure, such as breakwaters, ports and offshore structures, to increase strength and durability whilst transforming it into the base for a thriving marine ecosystem and active carbon sink.
Speaking on the investment, Dr. Ido Sella, Co-Founder and CEO of ECOncrete Tech said: “Ocean health and human health are entwined, and as such we need both resilient coastal structures and thriving marine ecosystems. Our technologies bridge development and sustainability, creating value for stakeholders and the environment. We thank this strong group of investors for joining us as strategic partners and are excited for the next stages in our growth and entrance into new markets.”
Fuelsave secures over €3.4 million in funding
German cleantech provider FUELSAVE – part of PortXL’s 2020 cohort – has secured €3.4M in fresh funding to expand its team and scale up the production of its advanced combustion conditioning technology FS MARINE+. Led by Dreamcraft Ventures and supported by legal advisors Poellath+Partners, the new funding will enable FUELSAVE to meet the growing demand for its high impact retrofit solution, which is capable of immediately reducing emissions from shipping.
FUELSAVE’s FS MARINE+ optimises combustion through the dynamic injection of hydrogen, oxygen, water and methanol through the air intake. This technology, referred to as advanced combustion conditioning, makes combustion leaner, cleaner and more efficient, thereby reducing fuel consumption and reducing greenhouse gas (GHG) emissions such as NOX by 30 to 80%. Furthermore, the system can be easily, safely and quickly retrofitted, as it does not require any modifications to the parts or working principles of the engine.
Demand for this technology has grown exponentially, as shipowners look for solutions to decarbonise their operations, following the adoption of tighter regulations by the International Maritime Organization and other regulators.