Hydro Wind Energy has secured a €50 million ($57 million) equity commitment from private investment group GEM Global Yield.
GEM will provide Hydro Wind Energy with a share subscription facility for a 36-month term following the public listing of the company shares on a European or American Stock Exchange. Concurrent to the public listing of Hydro Wind Energy's shares, GEM will receive warrants to purchase shares in the company.
The agreement will help Hydro Wind Energy to disrupt the global energy and desalination markets.
Hydro Wind Energy is a tech startup developing a disruptive technology in an effort to solve the challenges of low-cost clean electricity, grid scale energy storage and water scarcity. All three solutions ultimately harness offshore wind using vertical axis wind rotors and offshore-based kite systems. The firm has also developed and commercialized the world's only low-cost handheld seawater desalination device for humanitarian purposes and t