Ocean Ecostructures raises $3 million to expand into the Middle East

BarcelonaOcean Ecostructures' artificial reefs for regenerating the marine environment are expanding. The Barcelona-based startup has closed a €3 million round to expand its reach into ports, submarine cable lines, and oil platforms around the world. With the funds it has secured, it is now focusing on its international expansion through the creation of subsidiaries and is taking its first step toward entering the Middle East.

The financing operation was led by Seven Seas Capital, a fund specializing in investing in projects that address climate change. A local company that debuted with Ocean Ecostructures, promoted by Ignasi Ferrer, Mireia de Mas, and Anna Llovera. "We are very proud that this was our first investment. It is a company that represents the kind of bold, science-based innovation that the ocean needs," says its co-founder, Michael Albin. The round was advised by the consultancy ST Strategy.

Venture capital firms Ship2B Ventures and Inclimo have also placed their trust in Ocean Ecostructures once again. Both had already participated in the startup's first round, when it raised €1.9 million at the end of 2023. On that occasion, it also had the support of the Swedish foundation Norrsken, which has opened an incubator in the Ocean building, next to the W Hotel. ~BK_S first offices. They joined when they had just six workers, but they have grown and now, with more than twenty employees, the space had become too small for them. The space they have chosen to move to has been the Blue Tech Port, the hub of the blue economy that the Port of Barcelona has launched to the old sheds —port warehouses— on the Sant Bertran wharf, next to the Ronda Litoral and just beyond the Trasmed boarding terminal. The BCN Nautical Cluster and the American consulting firm Braid Theory, which is helping Ocean Ecostructures bring its solutions to Los Angeles, have also set up shop in this innovation center.

Install 3,000 reefs by 2027

Nearly 400 small reefs from Ocean Ecostructures are located in different Mediterranean ports, of which 50 have been installed in the port of Barcelona, ​​​​and another 500 are being installed. Its technological solution seeks to improve water quality and capture CO₂, as well as promote the appearance of fish and algae. The company had a turnover of one million euros last year and expects to reach two million euros by 2025.

Other ports where the Catalan company is present are Tarragona, Bilbao, Algeciras, Lekeitio, and Las Palmas, in addition to being present in marinas such as Port Fòrum and Marina Pala. It has also worked for companies such as Repsol and Red Eléctrica, forming part of a pioneering artificial energy island being developed off the Belgian coast, expected to be operational in 2026.

With its second round, the company plans to increase its size tenfold over the next two years and reach 3,000 reefs by 2027. Participation in a startup program will be key to its launch in the Middle East.In addition to installing the reefs, Ocean Ecostructures assesses their impact through the use of underwater drones and artificial intelligence (AI). "We are responding to the growing pressure on companies to restore marine life and neutralize their impact on the environment," summarizes CEO Ignasi Ferrer. According to the company, its product has generated approximately 3.9 tons of biomass and absorbed 1.7 tons of CO₂.and increase by 40% the species around the infrastructures in which they have been placed.