Oakville company to receive funding as part of Ocean Startup Challenge

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Published October 7, 2021 at 3:29 pm

An Oakville company is one of 40 marine startups in Canada receiving funding as part of this year’s Ocean Startup Challenge.

A total of $1.4 million is set to be allocated to early-stage ocean tech companies, including Oakville’s Nova Institute.

The local company is developing Voltai, a flexible and vibration absorbing generator that harvests energy from motion with 100 times the energy density of traditional turbines.

The challenge is led by the Ocean Startup Project, a collaborative Ocean Supercluster project dedicated to growing high-potential ocean technology companies and attracting more ventures to Canada’s ocean startup ecosystem.

The program will get started on October 20 and will allow Nova Institute and other companies along with their teams to work with industry mentors to develop their ideas.

The full 2021 cohort of the Ocean Startup Challenge was selected from more than 170 companies that applied for the program.

The 40 winners were singled out through an evaluation process, interviews, and a five-minute pitch to a panel of industry professionals.

The cohort includes diverse representation across industries, technologies, and founder backgrounds. Women make up 30 percent of the company founders and about 13 percent are Indigenous.

This year’s challenge placed a special focus on sustainable ocean solutions for the blue economy.

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