Wave-powered desalination pioneer secures CA$12.5m Series A

Oneka Technologies’ sustainable desalination units convert seawater to fresh water using the renewable energy of ocean waves.

The closing of its main Series A equity round of financing was led by the Hoffecker Family and other family offices, venture funds and private angel investors namely, Horizon Capital Holdings, AQC Capital, the Wilson Family, Propulia Capital and Invest Nova Scotia.
 
In a challenging fundraising landscape for start-ups, the company says this funding round stands as a testament to the surging investor interest in unique and credible climate tech solutions. 

Ira and Matthias Hoffecker, speaking on behalf of the Hoffecker Family, said: "As impact investors and philanthropists, we have been searching for innovative water solutions capable of addressing the global and growing issue of water access. We have been won over by Dragan Tutic's ambition and leadership.”

Oneka is leaving the funding round open until the end of the year, with plans to accept up to an additional CA$10 million in capital from accredited investors who can contribute value beyond financial support, it said. 

With the capacity of Oneka's team to deliver on its acceleration plan, this additional capital injection will facilitate the rapid deployment of its solutions to meet the growing demand for desalination solutions worldwide, the company added.

Oneka has deployed a system at the Algarrobo marina in Chile and also set up a demonstration site in Florida, where its first Iceberg unit is capable of producing up to 50 m3/day of freshwater daily. The location was strategically chosen to showcase Oneka's solution to potential customers in the Caribbean and other regions.

A partnership has been lined up with the City of Fort Bragg, California, and the Municipality of Barrington, Nova Scotia, to provide sustainable freshwater solutions to the communities. 

The Series A funding round builds upon CA$20 million in grant programmes secured earlier this year through partnerships with Ocean Supercluster (OSC), Sustainable Development Technology Canada (SDTC), and the US Department of Energy (DOE).

This combined financial support and equity financing, totaling CA$32.5 million, will enable Oneka to complete the development of its suite of products to cater to all market segments and client types, from small disaster relief applications to utility-scale units serving larger cities and industries with substantial water needs, according to the company.

said Dragan Tutic, founder & CEO of Oneka.

Related content