10 October 2022, UK
JET Engineering System Solutions, a developer of leading edge floating 5G base stations and software, has today announced an investment by Katapult, an impact investment company focused on highly scalable tech startups, as well as participation in their Ocean Accelerator 2022 Program. This investment values JET at over £7M upon completion of its first investment round.
The two companies will now explore new collaboration opportunities to push the boundaries of communications and real time data within the maritime sector, encompassing renewable energy, aquaculture and smarter ports. The move comes as JET continues to work on expanding the application of their maritime 5G technology to a broader eco-centred client base.
James Thomas, Founder and CEO at JET Engineering System Solutions, said: “Katapult is our first equity investor and their investment offer and valuation signify an important step in the growth of our 2-year-old company. We are experiencing similar rapid growth to our renewables target marketplace and this investment will accelerate our move from pilots to full scale deployments of our world first maritime technology. We also anticipate an acceleration of our international business profile via the Katapult Ocean 2022 Program.”
From Ross Brooks, Partner & Investment Director at Katapult Ocean, on his team’s goal behind their investment: ”If we are to grow, steward and regenerate the ocean’s resources, then reliable offshore connectivity is a technological necessity. JET Engineering provides the frontier infrastructure needed to optimize existing ocean industries, and enable the creation of new ones.”