ECOsubsea secures further funding to strengthen in Singapore

This investment will propel ECOsubsea’s presence into the Port of Singapore, a strategic move to establish itself as a global leader in the maritime industry.

“ECOsubsea’s innovative technology presents a groundbreaking opportunity for the shipping industry,” says Håkon Haugli, CEO of Innovation Norway. “By enabling more frequent and environmentally friendly hull cleaning, ECOsubsea can significantly reduce greenhouse gas emissions and contribute to a more sustainable future for maritime transportation.”

Traditional hull cleaning methods, often infrequent and abrasive, pose a significant environmental threat. Biofouling buildup on ship hulls increases drag, leading to higher fuel consumption and CO2 emissions. Additionally, these methods can damage anti-fouling coatings, releasing harmful toxins and microplastics into the ocean.

ECOsubsea’s solution uses remotely operated underwater vehicles (ROVs) equipped with advanced cleaning technology. These eco-friendly robots gently remove biofouling while capturing the waste for proper disposal or conversion into biogas. This innovative approach offers a multitude of benefits such as reduced fuel consumption and emissions.

Cleaner hulls translate to improved fuel efficiency, leading to significant reductions in CO2 emissions. ECOsubsea estimates their technology can contribute to annual savings of 10 million tonnes of CO2.

The Port of Singapore, the world’s second largest, serves as the ideal platform for ECOsubsea’s global expansion. This strategic location allows them to directly address the cleaning needs of the world’s largest ships during bunkering operations, maximizing efficiency and minimizing disruption.

“This loan empowers us to expand our reach and bring our eco-friendly technology to a wider audience,” says Tor Østervold, CEO of ECOsubsea. “We are proud to partner with Innovation Norway and contribute to a more sustainable future for the shipping industry.”

ECOsubsea plans to leverage the investment to bolster its workforce and accelerate the internationalisation of its technology.

As with many high growth companies, ECOsubsea is burning through cash, with its last recorded income statement of 2022 showing an operating loss of EUR 717,000 on revenues of EUR 2.8 million. Subsequently existing private market investors  Jakob Hattelan Group, SWEN Blue Ocean and TRK Group have been joined by Norwegian government agency, Innovation Norway, which typically invests in early stage tech companies such as machine management platform Leasi.