Genevos, a start-up specialising in hydrogen and fuel cell power systems integration for the maritime sector, has raised €2.5 million in seed funding from Impact Ocean Capital, a fund managed by GO Capital, and non-dilutive financing, to accelerate the commercialisation of their innovations.
18.01.24
Founded in 2018, Genevos has evolved into an industry leading fuel cell integrator, which today welcomes on board Impact Ocean Capital, a fund dedicated to supporting and financing innovative companies which contribute to the decarbonisation and sustainability of the maritime industry. This initial seed round will support product commercialisation in key maritime markets such as workboats and service vessels, unmanned surface vessels, and ferries.
As an enabler of maritime hydrogen fuel cell power, Genevos has achieved several accolades notably, Lloyd’s Register Approval in Principle (‘AiP’) certification across the Hydrogen Power Module (‘HPM’) marine fuel cell range, in addition to validation of the complete hydrogen energy system installation on board the IMOCA ‘OceansLab – Cleantech Accelerator’.
Impact Ocean Capital, a fund launched in 2023 with the objective to protect the world’s oceans, is managed by GO Capital. This investment supports the profound transformation of the maritime sector where new emissions regulations require major changes in vessel propulsion.
Genevos accelerates the clean energy transition by making accessible an end-to-end solution for achieving zero emissions transport. This Complete H2-Pack includes engineering services and award-winning drop-in marine fuel cell power modules – revolutionising maritime power with an environmentally friendly solution featuring high scalability and redundancy.
“Controlling climate change is reliant on powerful collaborations based on action-orientated environmental missions. I am honoured to welcome on board Impact Ocean Capital to our journey and know that together we will achieve a strong positive global impact.” Commented Genevos Co-Founder and CEO, Rebecca Sharp.
Genevos team on board IMOCA ‘OceansLab – Cleantech Accelerator’. Credit: Olivier Blanchet.
The climate emergency and the rapid degradation of marine ecosystems requires a firm response from industry players and public authorities to protect and guarantee the health of our oceans. The Genevos fully-integrated HPMs have been officially recognised as a clean and profitable solution with a positive impact on environment and quality of life, achieving multiple awards such as the Solar Impulse Efficient Solution Label, the Monaco Prize for Innovation in Renewable Hydrogen and Transportation, the 2023 Electric & Hybrid Hydrogen Breakthrough Technology of the Year Award, the 2022 Electric & Hybrid Propulsion System of the Year Award, and the Sud-Ouest Region Nouvelle-Aquitaine Maritime Innovation Trophy.
“Impact Ocean Capital and GO Capital are very proud to join Genevos as a board member and to support the company in its development to decarbonise the maritime industry.” Commented Clémentine Breysse, GO Capital Associate.
Advisors:
- NINE58 (Genevos’ advisor) – Pierre CHABRELIE and Tiffany CHAER
- SPARK (Genevos’ legal advisor) – Jérémy DUMEZ, Florian MAYOR and Ariane OLIVE
- LAMARTINE (GO Capital’s legal advisor) – Guillaume MORINEAUX and Aude GUILLERME
- DUMON PARTNERS (legal, social, and commercial review) – Marie-Laure POUPLARD (associée), Malafoa YOUSSOUPH, Alexandre PHILIPPONNEAU, Nordine AOUFI
- GROUPE EXCEL (tax, accounting, social and financial review) – David GALAUP et Adrien BARBAUX
- IP TRUST (IP review) – Pierre BREESE
- O2M GROUP (impact review) – Olivier MESSAGER
