Hydro Wind Energy obtains a 50 million euro commitment from the GEM group to disrupt the energy and desalination markets
GEM’s commitment will help Hydro Wind Energy achieve its plans to disrupt the global energy and desalination markets.
Figure 1: SubSea RO Wind – technology to desalinate seawater in freshwater
The 21st century has been beset by a multitude of challenges; Among the most important are the scarcity of water, energy storage and clean electricity at low cost. Of the current global population, at least two billion people face water scarcity and one billion lack access to electricity. The global transition to renewables requires a cost effective way to store energy on a large scale. The value of the energy market is expected to double to $ 18 trillion by 2050 from $ 9 trillion today. Hydro-wind energy is transforming the 21st century by providing solutions to these problems.
Hydro Wind Energy was created with a course mapped out to solve the greatest challenges of the 21st century – water scarcity, grid-scale energy storage and clean, low-cost electricity. The tech startup aims to achieve this by harnessing offshore wind power using vertical axis wind rotors and offshore kite systems. Hydro Wind Energy became the first and only company to develop a low-cost portable seawater desalination device that it currently markets. In 2019, the World Economic Forum selected the company as one of the top 100 startups shaping the Fourth Industrial Revolution.
Figure 2: OceanHydro Omni – power generation and energy storage (offshore wind)
Under the agreement with GEM, Hydro Wind Energy will receive a stock subscription facility of 50 million euros for a period of 36 months, concurrent with the public listing of Hydro Wind Energy’s shares on a European or American stock exchange. “Having GEM on board is a fundamental step in realizing our vision to play a major 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 simultaneously reducing costs, ”said Lee King, CEO and co-founder of Hydro Wind Energy.
Figure 3: The world’s only low cost portable seawater desalination device QuenchSea
Technologies for power generation (OceanHydro Wind), water desalination (SubSea RO Wind) and the scaling of the portable seawater desalination device (QuenchSea) will be developed at the helps funds raised by GEM. Ocean-based altitude kites and vertical axis wind rotors power the OceanHydro Wind and SubSea RO Wind systems. Rather than converting the wind directly into electricity, these technologies use the wind for the ski lift which exploits all the available wind resource. This technology enables efficient production, storage and distribution of electricity. It also opens up access to offshore wind in deep waters and provides ancillary services for grid resilience. The same technology reduces the cost of seawater desalination by 90%, which no other technology has achieved.
Hydro Wind Energy is currently building and testing a small-scale system of the two technologies in the UAE with several offshore engineering companies and strategic partners. At the current rate, Hydro Wind Energy predicts that the two scale prototypes will be completed by the end of 2022, and after that, full-scale commercialization is slated for 2023. They expect annual revenues. reach the $ 300 million mark by 2025.
About hydro wind power
Based in San Francisco, London and Dubai, Hydro Wind Energy, supported by Techstars, is a tech startup developing disruptive technologies to help solve three of the 21st century’s biggest challenges: clean, low-cost electricity, grid-scale energy storage and water desalination at small and large scale.
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 investments 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