SolarDuck takes flight with €15M funding boost to advance offshore floating solar energy development

Solar Duck, a Dutch-Norwegian cleantech startup, has raised € 15 million in additional funding to propel the development of its offshore floating solar power technology. The funding comes from a mix of existing and new investors, including an international consortium featuring Katapult Ocean, Green Tower, Energy Transition Fund Rotterdam, and Invest-NL.

The latest funding marks a significant milestone, allowing the company to expand its presence in the Offshore Floating Solar Energy industry, embark on our first commercial projects, and continue to support its ambitious goal of deploying over 1 GW of offshore-generated solar electricity by 2030.

Solar Duck will also use the fresh capital infusion to solidify its position in the offshore solar energy space, launch commercial projects, and continue refining its technology to expand into global markets.

As the world gets more electrified and packed with people, finding open land for energy projects is getting trickier. That’s where SolarDuck’s tech steps in. SolarDuck’s technology proves versatile. It can be deployed as a standalone offshore floating solar farm in regions with abundant sunlight but limited wind resources.

In addition, SolarDuck’s technology can coexist with offshore wind installations, as exemplified by the upcoming project in the Dutch North Sea. The overarching goal is to replace traditional fossil fuel-based energy sources like coal-fired power plants and diesel generators, providing a sustainable alternative for islands, offshore installations, and even entire countries.

Based in the Netherlands and Norway, SolarDuck is a cleantech startup company that aims to bring to market a world-class offshore floating solar solution. Its mission is to electrify the globe through the deployment of 1 gigawatt (GW) of renewable energy by the year 2030, leveraging our distinctive and patented technology.

Commenting on the funding, SolarDuck co-founder and CEO Koen Burgers said, “We are delighted to have secured this latest round of funding. SolarDuck is introducing a new asset class of energy generation. With demand increasing, offshore floating solar offers real promise for the decarbonization of our energy supply. This successful funding round provides us with the means to continue the development and deployment of both our Team and technology.”

Meanwhile, SolarDuck already boasts a substantial project pipeline, totaling over 3.5 GWp, with projects secured across multiple countries. Notably, the company is collaborating with RWE on a 5 MW demonstrator project at the Hollandse Kust West VII offshore wind park, set to be the largest hybrid floating solar plant upon completion. Other projects include Japan’s first offshore floating solar plant in Tokyo Bay and a venture with TNB Renewables in Malaysia. Preceding these initiatives, SolarDuck is gearing up to launch its offshore demonstrator project named ‘Merganser’ early next year, slated for installation and testing in the Dutch North Sea.

Katapult Ocean CEO Jonas Svegaarden says: “We are very excited to announce our increased investment in SolarDuck and to support their next phase of growth. In order to harness the blue growth opportunity, we must also endeavor to build offshore. SolarDuck represents a new category of ocean infrastructure, which has the potential to unlock significant resources towards the global renewable energy mix and to enable enhanced economics to existing offshore renewable assets.” Katapult Ocean has been on board since the very beginning of SolarDuck.

Rik Aalders, managing director of Green Tower shares this view stating: “We strongly believe that to accelerate the energy transition, a mix of different technologies should be developed to cater for the needs of different geographical regions, all with their own characteristics. SolarDuck offers a unique addition to the existing energy mix, which will open up a huge potential for further growth of renewable energy, both via standalone projects and in co-development with offshore wind. Green Tower is pleased to continue to be part of that journey together with the team of SolarDuck.”