Oneka rallies C$5.5m in Innovacorp and Baruch-led round

Sherbrooke, Quebec-based Oneka Technologies, a developer of wave-powered desalination solutions, has closed a C$5.5 million financing.

Sherbrooke, Quebec-based Oneka Technologies, a developer of wave-powered desalination solutions, has closed a C$5.5 million financing. The round was led by Innovacorp and Baruch Future Ventures, with participation from Mann+Hummel, Renewable Energy Development Enterprise and others. Oneka in 2018 raised a C$2 million round led by Anges Québec and AQC Capital.

PRESS RELEASE

SHERBROOKE, JUNE 29th, 2021 /PRNewswire/ – Oneka Technologies (www.onekawater.com), a leading developer of wave-powered desalination solutions, announced today the closing of its CA$ 5.5M round of financing led by leading Canadian investor Innovacorp and United States’ investor Baruch Future Ventures. Strategic investors MANN+HUMMEL from Germany and Renewable Energy Development Enterprise (REDE) from Chile are also investing alongside a group of angel investors from the United States, U.K. and Belgium.

The company has received support from the governments of Quebec and Canada in the round through non-dilutive financial contributions from Investissement Québec (IQ), Economic Development Canada and Sustainable Development Technology Canada (SDTC). These well-adapted programs will help Oneka develop and export its technology globally and benefit the communities that need it most.

This financing round follows a 2018 CA$ 2M angel-round led by Anges Québec and AQC Capital, who are also reinvesting in the current round.

Dragan Tutic, Founder & CEO Oneka Technologies: “My team and I are proud to welcome these new financial partners. This partnership with Innovacorp, Baruch Future Ventures and our strategic investors will enable us to reach the next level on our path to becoming the world’s leading sustainable desalination solution.”

“The world is running out of clean water and Oneka has a solution. It works, it’s affordable, it’s better for the environment, and it can be scaled from local disaster relief and regional demand all the way to meeting utility needs,” said Jonathan Saari, investment manager at Innovacorp. “It’s exciting to watch the team build and test their world-changing technology in Nova Scotia.”

“We are delighted by the opportunity to have joined with you as a partner. Jason and I believe that Oneka has a unique opportunity to drive the water transformation of the coming years. What you have accomplished within such a short time frame to date is impressive. We also stand ready to do whatever we can to help ONEKA turn the business to a commercial reality as quickly and efficiently as possible.” – Tom Baruch – Founder/MD at Baruch Future Ventures.

“I wholly echo Tom’s sentiments. We have looked at many water opportunities together, going back to 2012, and had only one investment to date. So it’s certainly a testament to the novelty of your approach, business model, market opportunity, and team that we’ve joined you in this round.” – Jason Holt – Partner & Investment Advisor at Baruch Future Ventures.

The funding will enable Oneka Technologies to deliver its first two commercial projects in the US and Chile. It will also enable the company to grow its engineering, sales and project management teams as it scales to utility and industrial markets. The company will deliver its first commercial installation at Ocean Village POA, in Fort Pierce, Florida, in 2021. This project is ideally located to allow Oneka entry to the tourism and resorts industry in the southern US and Caribbean markets.

Conventional water resources are under pressure as a result of increasing population, economic development and shifting consumption patterns. Water availability and freshwater access issues are emerging in many regions on the planet, making necessary the shift to new water resources such as seawater desalination.

The growth of the desalination industry has contributed to climate change by increasing fossil-based energy use which in turn increases water scarcity, the very problem the industry set out to solve. At its current growth rate, the desalination industry will contribute 2 billion tons of CO2 emissions per year by 2050, more than twice the emissions of the aviation sector in 2019. With its wave-powered desalination technology, Oneka will allow the desalination industry to grow its output sustainably, without marginal CO2 emissions.
Oneka Technologies is committed to innovate and make the ocean an affordable and renewable source of drinking water, especially when it matters the most. The company is now designing a small, modular, wave-powered desalination system capable of producing clean water in disaster and recovery situations. Oneka Technologies is among the 10 winners of the ADAPT Stage and only remaining contenders of the United States’ Department of Energy (DOE)’s #WavesToWater Prize.

ABOUT ONEKA TECHNOLOGIES INC.
Founded in 2015, Oneka harnesses wave power to produce fresh water with zero greenhouse gas emissions, zero land use and responsible brine using a modular proprietary desalination solution.

Suitable for local communities, resorts, industrial and coastal mining operations, Oneka’s wave-powered sustainable desalination solution can produce clean water at a fraction of the cost with no pollution and eliminating a costly and unpredictable fuel supply chain.