News Briefs

Oneka Technologies closes first tranche of Series A, raising C$12.5m

Based in Sherbrooke, Quebec, Oneka Technologies is a provider of wave-powered desalination solutions.

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  • The first tranche was led by the Hoffecker Family
  • Also participating were Horizon Capital Holdings, AQC Capital, the Wilson Family, Propulia Capital, Invest Nova Scotia and other investors
  • Oneka harnesses wave power to produce fresh water with zero greenhouse gas emissions, zero land use and discharging only responsible brine, using modular desalination solutions

Oneka Technologies, a Sherbrooke, Quebec-based provider of wave-powered desalination solutions, has closed the first tranche of a Series A financing, raising C$12.5 million.

The first tranche was led by the Hoffecker Family, with participation from Horizon Capital Holdings, AQC Capital, the Wilson Family, Propulia Capital, Invest Nova Scotia and other investors.

Oneka said it is leaving the round open until the end of the year and accepting up to C$10 million of additional capital from accredited investors.

Founded in 2015, Oneka harnesses wave power to produce fresh water with zero greenhouse gas emissions, zero land use and discharging only responsible brine, using modular desalination solutions. Suitable for local communities, resorts, industrial and mining operations, its technology can produce affordable clean water with no pollution and eliminating a costly and unpredictable fuel supply chain.

The funds raised will enable Oneka to complete the development of its suite of products to serve all segments of the market and client types, from small disaster relief applications to utility-scale units to accommodate larger cities and industries using large amounts of water.

“As an impact investor and philanthropist, we have been searching for innovative water solutions which could address at large scale the global and growing issue of water access. We have been won over by Dragan Tutic’s ambition and leadership, and the world-class team he has been able to assemble to position Oneka as a future leader in the sustainable desalination space” said Ira and Matthias Hoffecker in a statement.

Oneka also has operations in Halifax, Fort Pierce, Florida and Algarrobo, Chile.