Katapult Ocean Impact Report 2023

Impact
Report
2023

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A word from
our CEO
Dear Ocean friends!
The Ocean covers 71% of the earth’s surface, yet it’s the least invested in of the Sustainable Development Goals.
- But the market is moving. Since 2019, when we made our first investments in early-stage ocean companies, we have seen an
accelerating development as more startups and investors are entering the market. We celebrate that! We believe that Ocean impact
investments are a pivotal tool to achieve the goal of a sustainable planet, while we recognize we're just one part of a broader solution.
Realizing the Sustainable Development Goals requires collective effort. Through our core strengths of investing in and accelerating
startups, we contribute to this collective endeavor.
Katapult Ocean exists to accelerate people, companies and capital towards positive impact. We build impact intentionally into our
screening, investments, program, and portfolio support. Our acceleration, networks, and investors are curated to drive impact in our
portfolio companies, and the systems and entrepreneurial ecosystems in which they work. Katapult Ocean’s Deep Blue Fund 1 has
sustainability as its core investment objective and are therefore classified as an Article 9 fund in accordance with the EU’s
Sustainable Finance Disclosure Regulation (SFDR 2019/2088). In line with this regulation, Katapult Ocean will only invest in
companies that fulfill the EU’s definition of a ‘sustainable investment’ (as defined in SFDR 2019/2088 Art 2(17)).
To measure our portfolio's positive impact, we are committed to report on the 35 metrics in the Ocean Impact Navigator developed by
Systemiq for and in collaboration with 1000 Ocean Startups, the Principal Adverse Impacts, and good governance. All ventures
receiving investment from us will receive comprehensive training on impact management and develop a detailed plan for impact
measurement on these metrics and more. You can read more on how we work with the startups in chapter 2.
Thank you for joining us on this journey, and we look forward to continuing our work together.
Jonas Skattum Svegaarden
Jonas Skattum Svegaarden
CEO, Katapult Ocean

Our impact
journey the last year
Once again, we’re thrilled to present our Impact Report!
In this report, we share our journey of integrating impact into every stage of Katapult's investment process—from pre-investment assessments
to our accelerator program and ongoing support of our portfolio companies. In addition, we have aggregated the reported impact of our
portfolio companies by using the KPIs from The Ocean Impact Navigator by 1000 Ocean Startups and showcasing some companies.
Our portfolio companies are the driving force behind the positive impact we’re targeting with our investments. We see ourselves as facilitators,
empowering the companies to scale their impact by providing not just funding, but also knowledge, support, and access to our extensive
network of partners, mentors, and investors.
Being a startup is busy, and time is the founders most valuable asset. Impact measurement and management as a subject is in constant
development and it can be overwhelming. In Katapult Ocean we have developed a structured approach, and we guide the companies through a
sprint of one month where we dig into the impact the startups are creating and plan how they can measure and manage it. When they have a
good plan, it’s much easier to deliver results. We want the companies to know what to measure and when. Since last year we’ve implemented
Worldfavor’s ESG and impact reporting platform to make it easier for our portfolio companies to measure and manage their impact, as well as
reporting on their Principle Adverse Impacts (PAIs) and good governance.
In the recent years we have evolved our impact work quite a lot. We spend 1/3 of the accelerator program on the impact-sprint, and last year
we introduced “impact-advisors” for the companies participating. The impact advisors are working closely with the companies during the
accelerator program, supporting them along the way as they make their impact strategies and impact management plans. We moved our
previously developed step-by-step impact management plan template into a digital solution and added more sessions on more generic ESG
topics. We acknowledge that the impact reporting is challenging for early-stage companies as some of them are pre-revenue and pre-impactrelated
outcomes. To maximize positive impact, whilst minimizing negative and maintaining good governance, you need indicators to ensure
that you’re on the right path. It’s impossible to manage what you don’t measure, and we believe that even if it is too early to measure the
targeted impact, all companies should have a plan for what and when they can measure, and have relevant indicators showing they’re on their
way.
We invite you to explore the report and welcome any feedback you may have. Together, let's continue to catalyse positive change and build a
more sustainable future.
Ingrid Maurstad
Ingrid Maurstad
Impact Director, Katapult Ocean

Content
01
About Katapult Ocean
02
Portfolio Overview
03
Impact from Entry to Exit
04
Portfolio Impact

01
About
Katapult Ocean

An introduction
to Katapult Ocean
In Katapult Ocean we invest globally in Ocean impact ventures that solve climate
and biodiversity challenges, provide food and clean water for people globally.
We’re both investing in and supporting highly scalable ocean impact startups
through our world-renowned accelerator program. During the program, we work
with our portfolio companies to accelerate their impact, and it enables us to
support their future impact journey closely.
In 2023, Katapult Ocean invested in and accelerated 12 leading ocean impact
startups and made follow-on investments into 3 portfolio companies to further
support their growth.
As part of our mission to support impact driven ocean companies, we believe in
the importance of supporting the ecosystem surrounding these ventures and
providing the right opportunities for them to grow and scale their impact. In 2023,
our annual digital Katapult Ocean Investor Day attracted more than 500 investors
globally, and our annual three-day conference in Oslo, Katapult Future Fest,
attracted many of the leading impact investors, innovators, and thought leaders of
the world. In addition we co-hosted the Sustainable Ocean Solution Summit in
Bergen, Norway, became an official nominator to The Earthshoot Prize, launched
the Norwegian National Advisory Board for Impact Investing together with great
partners from the Norwegian ecosystem, and continued our efforts in the 1000
Ocean startups, with our Impact Director, Ingrid H. Maurstad being appointed the
Co-chair of the Steering Committee.

Katapult Ocean team during
New York Climate Week
Onboard the ammonia fueled
Fortescue Green Pioneer in
Dubai alongside other 1000
Ocean Startups members
Our Investment Manager
Anthony Bellafiore
representing Katapult Ocean
at Iceland Innovation Week
Dr. Sylvia Earle receive the
first Ocean Impact Prize from
Katapult Ocean during the
Sustainable Ocean Solutions
Summit in Bergen Norway
Portfolio companies gathering
with the Katapult Ocean team
at Katapult Future Fest in Oslo
Our Impact Director Ingrid
Maurstad visit portfolio companies
Desolenator and Coral Vita sites
during COP28 in Dubai
Investment Associate Sam
Selig during a panel at Clean
Oceans Arena 2023

The sustainable investment spectrum
– From ESG to Philanthropy
All enterprises have positive and negative impacts on people and the planet, both intended and unintended. The sustainable investment spectrum has developed substantially
over the last decade, with a heightened focus on ESG (Environmental, Social, and Governance) and impact. However, important distinctions exist between the two. Recognition
of these differences is crucial to understand how Katapult Ocean deploys capital.
ESG investing is a strategy that seeks to invest in companies that meet certain environmental, social, and governance
criteria. ESG investing may involve screening out companies that engage in activities that are deemed harmful to the
environment or society, such as fossil fuel extraction or labor malpractice, and investing in companies that promote
sustainability and social responsibility.
Impact investing on the other hand is investments into companies or funds with the intention to generate positive,
measurable social and/or environmental impact in addition to financial returns (as defined by GIIN - the Global Impact
Investing Network).
In summary, while ESG investors focus on investing in companies that meet certain sustainability criteria, impact
investors additionally seek to invest in companies that generate specific positive social or environmental impacts
alongside an expectation of substantial financial returns. Katapult has always invested with the thesis that certain
business models allow for this relationship to be true, and will continue to invest in companies with a positive impact as
we are starting to see strong and measurable proof of this on performance across both our portfolio companies.
In EU impact investments must meet specific criteria outlined in the Sustainable Finance Disclosure Regulation (SFDR):
Contributes to an environmental or social objective.
Compliance with the “do no significant harm” principle
Adherence to “good governance”

“Traditional”
investing
ESG
investing
Impact investing Philantrophy
Investment approach
Traditional
Responsible
Sustainable
Impact driven
Philanthropy
Financial goals
Deliver competitive risk-adjusted financial returns
Tolerate higher
risk
Aim for market
return
Tolerate below
market return
Accept
full loss
Avoid harm and migrate ESG risk
Benefit stakeholders
Impact goals
Contribute to solutions
Exclusion
Negative screening
Integration
Positive screening
Social &
environmental
investing
VP
Sustainable finance / The impact economy

Impact fundamentals
Katapult exists to make impact investing mainstream and mobilize capital and businesses to deliver a
positive impact. We accelerate and invest in Ocean companies solving the world’s greatest challenges. Our
Vision is to build a thriving world for all, and our Mission is to create this better world by mobilizing
technology, capital, and people for good.
In seeking to achieve this vision and mission, we invest in startups with a positive impact on the ocean and
manage the range of Environmental, Social, and Governance (ESG) opportunities and risks implicit through
our investments. The following guiding principles exemplify how we consider Impact and ESG in our
investments and operations:
Impact Intentionality
Katapult is an impact investor, meaning that we make our investments and conduct our
operations with the ‘intention to generate positive, measurable social and environmental
impact alongside a financial return’. This ‘impact intentionality’ means that Katapult only
invests in companies that have a demonstrable focus on creating a positive impact for
people or the planet by solving one or more of the Sustainable Development Goals (SDGs).
Impact Integration
Given our impact intentionality, consideration of social and environmental impact is
embedded into our company culture (as codified in our vision and mission), across the
day-to-day operations in our team, our investment theses and process, and how we work
with our portfolio companies.
Risk Management
We aim to weigh and balance different ESG risks, factors, and impacts. We therefore
identify, mitigate against and/or exclude negative social and environmental impacts
from our investments and operations.

Collaboration
We believe companies, investors, and governments all have a role to play
together in improving corporate disclosure, strengthening the sustainability of
business practices over time in a collaborative manner, and solving the world’s
most pressing challenges.
Stewardship
We believe our responsibilities as diligent impact investors do not cease with
the decision to invest in a company. We will ensure that impact is carefully
measured in our investees and maintain regular dialogue with the management
of our portfolio companies around the following key ESG risks; human rights,
corruption, water stress, modern slavery, labour rights, and biodiversity.
Materiality
In addition to implementing the exclusion list on what we cannot invest in, we
consider how a company's operations may affect external ESG issues. Before
we invest, all companies are screened against the risks in regards to human
rights, corruption, water stress, modern slavery, labour rights, and biodiversity,
and if there considerable risks, either we don’t invest or the risk needs to be
mitigated by the company.
Continuous Improvement
We recognize that ESG criteria and performance are not static, and seek to
continuously improve both our understanding and treatment of ESG factors and
the way that our partners and investees treat them over time.

Our journey to
ocean impact
We experience that there’s still a gap in the perception of what problems we may solve in and
on the ocean and how ocean solutions are a key part in the fight against climate change. The
ocean covers 71 percent of the planet, contain 97 percent of the Earth’s water, and represent
99 percent of the living space on the planet by volume. Yet SDG 14, Life Below Water, is the
least funded of the SDGs. We see immense opportunities for impactful solutions within the
ocean and we believe our growing portfolio is greatly positioned to address these. We believe
that there is no better time than now for Ocean impact investments.
On the next page you’ll see our Theory of Change. A Theory of Change is a description
illustrating the connection between the desired change that is expected to happen as a result
of a business’s activities. Katapult Ocean invests in and accelerates ocean impact ventures
that solve climate and biodiversity challenges, and provide food and clean water for people
globally, with an ultimate positive impact on our ocean. Our ambition is to accelerate change
at the system level through the collective impact of our portfolio of investments, within the
following thematic: transportation, energy systems, food and water, and circular resources.
“
No water, No life. No Blue, No green
Sylvia Earle - Katapult Ocean Impact Prize winner, 2023
“

Building an SDG-aligned portfolio of companies with the most impactful Ocean solutions
Sphere of control
Inputs
Transportation Clean Energy Food and water Circular resources
(the domains we
invest in)
Sphere of influence
Outputs
(the solutions we
invest in)
GHG emissions
reduced or avoided
Carbon
sequestered
Alternative
food and
feed
Reduction in, or
avoidance of,
pollution in the ocean
More people
with access to
clean water
Tonnes of ocean
based seaweed
or bibalves
produced
Areas of marine
habitats protected
Micro- and
Macro plastics
diverted from nature
Outcomes
(the benefits of solving
these problems)
Climate
recilient costal
communities
Towards 1.5 °C
Thriving and restored
Marine habitats
Sustainably
managed Ocean
resources
A clean ocean
Impact
(the ultimate impacts)

02
Portfolio
overview

Our portfolio:
By numbers
64
Investments since 2018
87.5%
Of companies still active
New investments in
2023
12
Accelerator stage
investments
3
Follow-on
investments
84 156 748
20 %
Raised by portfolio companies
post Katapult investment
Average unrealised IRR for
Katapult Ocean funds 1-3

64 Ocean investments

Ocean Rainforest

Clean energy
Food and Water
Nutrition from the Ocean
Our investments
in food and water
Investment thesis
Combined with the ocean’s incumbent role in
feeding our population, there are great
opportunities for harnessing marine ingredients
across industries for enhanced sustainability and
nutrition. Our Food and Water domain focuses on
sustainable ocean organics and alternative
proteins, alongside innovations in wastewater,
drinking water, and water-intensive industries.
Outlook
Utilizations for algae range from fresh food
ingredients and alternative proteins to cosmetics,
pharma- and nutraceuticals, just to name a few.
The industry is growing across the value chain,
and there is a great opportunity for novel
optimization technology. The same can be said
for the production and utilization of freshwater --
an increasingly scarce resource, with a 40% gap
predicted between demand and supply of
freshwater by 2030.*
Our portfolio
Katapult Ocean is proud of its ecosystem
building and catalytic approach to investing in
the blue food and water domain. Within our algal
portfolio, there are synergies and active
collaborations between companies at different
levels of the value chain, in cultivation and
biorefining for instance. Permitting and licensing
for offshore cultivation is a path already forged
by the offshore renewables sector, and indeed
the learning opportunity has deepened in recent
years to enable renewable energy companies
concessions by integrating blue food (seaweed
cultivation as an example) as part of the project.
Further, research and development within hightech
applications from strain selection in algae
provides product and value proposition
adventages to macroalgae cultivateion and
processing and other nutrition/feed innovation
companies (insect, mycelium).
*”Turning the Tide, A call to collective action” by The Global Commision on the
Economics of Water (https://turningthetide.watercommission.org/)

Coral Vita

Clean energy
Circular Resources
Innovating for Ocean Health
Our investments
in circular resources
Investment thesis
Redesigning today's linear systems into more
circular ones is an important step we need to
take for the ocean's health. Finding new designs,
renewable materials, and ways to use and collect
waste is a large step we can take toward
promoting ocean regeneration and biodiversity.
Within the Circular Resources domain, we invest
in companies that directly protect and regenerate
the ocean by preventing disruptive pollution,
innovating new materials, capturing and
sequestering CO2 or other pollutants, and
enabling greater understanding and
enhancement of the ocean ecosystem.
Outlook
With a growing understanding of the impact of
pollution on our environment, the demand for
companies that target problems like a reduction
of plastic, toxins, PFAS, and excess nutrient
runoff will increase. Additionally, the growing
need for permanent and verifiable CO2 removal
will accelerate natural capital market
opportunities, and over time lead to the
valorization of the entire environmental system,
rather than a single marketable output.
Our Portfolio
Our Circular Resources portfolio is represented by
companies working to close the land/ocean loop.
From creating and enhancing our natural capital
infrastructure for our circular carbon system to
stopping toxins & plastics from ending up in the ocean
(and in us), to the collection, aggregation, and
analysis of ocean data, these companies work
together to protect and enhance the ocean
environment.
There are significant opportunities for these
companies to collaborate across our portfolio. For
example, the crossover between new biomaterials,
replacing fossil-based plastics, and our alginate
portfolio, will lead to cost-competitive bioplastics that
benefit ecosystems from cultivation to the end of life.
Additionally, when considering the marine robotics
that can be used for offshore asset management in
Energy, this technology can often be deployed for
reliable MRV and biodiversity monitoring for circular
carbon and natural asset valorization. We also see the
additionality that collaboration between our Water
domain’s waste management/collection companies
and the filtration of microplastics and pollutants can
have on sustainability efforts worldwide.

MOcean

Clean energy
Clean Energy
Green Power, from the Blue
Our investments
in clean energy production and infrastructure
Investment thesis
Blue energy’s role in the green transition will
continue to grow due to the abundant Ocean
energy resource, technical invention driving
reliability and cost-down, and constraints on
land. Our investments in the Energy domain are
IP-led, offering strategic advantages to existing
or novel industries, often with the potential for
licensing and the ambition for vertical integration
and utility scale.
Outlook
Wind, wave, solar, and tidal energy production,
and their enablement technologies, such as
sustainable anchoring and mooring, energy
storage, power system integration, data and
asset monitoring, and offshore/subsea
connectivity.
Our Portfolio
Harnessing renewable ocean energy requires new
technologies across the board to overcome the
many challenges of deploying large infrastructure
in a maritime environment, including variable
depths and seafloor types, overcoming edge sea
state scenarios, monitoring of ecosystem impacts
of installations and operations, safe and costeffective
servicing of assets, and even the power
production itself.
At face value, these challenges make the industry
cost-prohibitive. However, combining the
innovations in our portfolio and pipeline can
provide cost-effective ocean energy. Building a
portfolio of companies solving challenges from the
beginning of a project to its decommissioning
allows Katapult Ocean to work with our portfolio
companies and industry partners with a holistic
view on CapEx and OpEx reduction, leading to
greater IRR (internal rate of return) on clean
energy projects and the proliferation of their
development.

Pascal Technologies

Clean energy
Transportation
Moving Away from Fossil Fuels
Our investments
in transportation
Investment thesis
Maritime activity is integral to the global
movement of goods and people. Our investments
in Transportation focus on decarbonizing
maritime activities -- through electrification,
alternative fuels, performance optimization, and
maritime management software -- and innovative
solutions in waterborne mobility.
Outlook
Increasingly stringent and comprehensive
regulations are a key driver in the maritime
industry and are pushing forward solutions in
propulsion from wind propulsion to hydrogen and
hydrogen-based fuels. Simultaneously,
opportunities for improvement in vessel
performance, such as anti-fouling and route
optimization, offer key efficiency and cost-down
to industry players.
Our Portfolio
Decarbonizing the maritime sector is dependent on
transitioning away from fossil fuels. Our portfolio of
companies covers electric, hydrogen, and methanol
fuels, with ammonia a key target going forward. These
companies provide the fuels or propulsion technology
needed to scale greener maritime industries, while also
offering potential energy storage via fuel synthesis as a
scaling offshore renewables industry seeks solutions
for storing power at peak production times.
Unfortunately, fossil fuels remain the most energydense
source of propulsion available. As such,
investing in alternative propulsion is not enough. Our
portfolio incorporates many performance optimization
technologies that, when paired with electric propulsion
or alternative fuels, act as range-extenders to close the
performance gap. Additionally, they reduce the fuel
consumption of legacy vessels, as it will take decades
to transition fleets to greener propulsion. Finally, deep
tech such as autonomous navigation can be paired with
green propulsion to optimize performance and reduce
costs.

Our 2023 investments
AI-driven robot for hull
inspection, mapping and
cleaning
Proprietary Wave microparticle
energy
to technologies mimic the biological for kW to
pump MW for production Ocean CDR
Producing low-cost
green e-methanol for
shipping
Light weight, silentlyinstalled,
modular
anchoring
Underwater data
collection & analysis by
WaterDrones
Developing microalgae
nutrition technology for
high-quality ingredients
Air-cushioned hull design
for electric motor range
extension
Growing diverse, resilient,
and affordable coral to
preserve reefs
Underwater Wireless
Network Infrastructure &
Cloud Platform
Proprietary microparticle
to mimic the biological
pump for Ocean CDR
Using seaweed to create
home- compostable
bioplastic
Novel CO2 removal,
storage, and
measurement in water

03
Impact from
Entry to Exit

Impact: from entry to exit
In Katapult Ocean we have a holistic view on how we can maximise our
positive impact in line with our Theory of Change and this is considered from
the first time we look at a company until the day we exit. The pipeline of
Ocean startups have been steadily increasing to more than 2600 companies
over the later years. This means that the probability of finding companies with
high impact potential solutions are bigger. On the other hand our job to
screen and select the best and most impactful companies has been more
challenging. To ensure that we invest in the companies we belive can have a
substantial positive impact on the ocean, we’re dependent on an clear
strategy, a mission aligned team, and tech solutions and tools that
contributes to time efficiency.
In our four stage process to maximise impact from Entry to Exit we give an
overview of how we’re working on the selection and following up our portfolio
companies to maximise impact. The process is detailed in the table on the
next page and further outlined in this section. In line with our principle of
continuous improvement and changig regulations, we recognise the need to
adapt and better this process over time in a transparent and collaborative
way.

Impact from Entry to Exit
Katapult´s Environmental and social mangement
Stage 1:
Screening and
Due Diligence
Stage 2:
Investment Decision
and Agreement
Stage 3:
Accelerator Program
Stage 4:
Portfolio Management
and Exit
Part 1
Makes a
contribution
High impact investment
opportunities identified
Impact intentionality assessed
Companies screened against the SDGs
and the Ocean Impact Navigator.
Interviews conducted. Potential Mission
lock agreed on
Cohort maximized impact potential
assessed through impact workshops and
finalization of the impact management
plan. Companies onboarded to tool for
impact reporting.
Impact indicators reported on annually
Sustainability of high impact ensured
in exit scenarios
Part 2
Does No
Significant
Harm
Exclusions screened against Katapult
Ocean Exclusion list, & outside-in ESG
risks assessed
Principal Adverse Impacts and ESG risks
assessed. If material risks discovered, we
don’t invest, or outline a plan for mitigation
is built into investment agreement.
ESG risk assessed by company,
awareness raised, & companies
onboarded on Worldfavor for PAI and
Impact reporting
ESG and PAI indicators
reported and aggregated at portfolio level
annually
Part 3
Good governance
practices
Governance risks reviewed in ESG
assessment. If material risks discovered,
we don’t invest or outline a plan for
mitigation is built into investment
agreement.
Commitment to uphold good
governance standards.
Potential gaps mitigated & SFDR good
governance reported annually.
Key tools:
Impact and Sustainability Assessment
Katapult Ocean ESG Policy
Impactulator Impact assessment
Investment Committee
Due diligence on Impact and ESG risks
Investment Agreement
Impact Management Plan
Ocean Impact Navigator
SFDR Good Governance
SFDR PAI indicators part 1 & 2a

Stage 1 and 2:
Screening and Due Diligence
Outcome: High-impact investment opportunities identified; exclusions screened out
Key tool: Impact and Sustainability Assessment & Outside-in risk assessment
Stage 1: Investment Decision and Agreement
Team members involved in Scouting and Screening activities in the company receive relevant training and tools from
Katapult’s internal Impact team. Third parties’ content and understanding of impact is leveraged, before initiating
sourcing and pre-selection of investment candidates (startups).
During our first interactions with a company, Katapult investment team members interview and review documentation
to find supportive evidence to be utilized in the next step (Impact and Sustainability Assessment). We are assessing
and scoring specific aspects of the founding team, the solution, the business model, and the company itself that are
significant for determining the companys fit in our Theory of Change and impact mandate. In addition we do an outsidein
risk screening of the companies where each company, based on where they are headquartered, are assessed on
conditions that if they appear may have a negative influence on the investments. In these assessments we screen out
companies and business models that, for example, lack impact intentionality in the founding team members or in the
company governance, or solutions that support the perpetuation of carbon intensive industries.
Individual Impact and Sustainability Assessments are conducted on all companies going through our Due Diligence
phase, where we study and analyse how big the impact potential of the company is (including principles, purpose, and
our understanding of that company’s 5 dimensions of impact), how large the additionality of Katapult’s investment and
support can be, and how sustainable the positive impact will be over time (including assessing ESG risks). To move
forward the company under evaluation needs to have the potential for a significant contribution to an environmental
and/or social SDG and make no significant damage to any other goal and follow good management practices.

Throughout the selection process, the team regularly discuss borderline impact cases
for further individual impact understanding and continuous development. Impact
intentionality in our investment decisions is reflected across the three types of impact
cases we invest in. We strategically select investments to include a balanced share of
each of these cases in our portfolio.
Traditional Impact Cases: the five dimensions of "what, who, how, contribution, and
risks” are well-defined. These investments tend to have an impact as a primary feature
and a top-level priority and map well to the SDGs without having to make abstract
leaps of reasoning. In these cases, it is evident that business success indicators, like
customer acquisition, are also representative of an increase towards achievement of
positive impact. These business models are based upon the assumption that for
example, each customer acquired consequently equals a certain amount of reduction
in CO2 or increase in yield.
Transitional Impact Cases: technologies and investment cases where the dimensions
of impact effects are strong but perhaps less intentional. Example cases may be
companies that have the potential to disrupt industries or dramatically reduce the
costs of various essential goods or services. In these cases we work closely with the
founders to secure that impact is core of the company and the founders are more
intentional when finishing the accelerator program.
Stage 2: Investment Decision and Agreement
Outcome: High-impact opportunities invested in; ESG risks mitigated
Key Tool: Investment Committee and Investment Agreement
Once the Investment Team has completed the Due Diligence analysis, the top
shortlisted companies are then presented for a final investment decision to the
Investment Committee. A critical component of final decisions and corresponding
investment offers is the Investment Committee's approval of a substantial and
scalable impact case. In particular, Katapult Ocean utilizes the expertise of Katapult
Foundation and its CEO, Alison Fort, who is a key member of the Investment
Committee, in addition to Katapult Ocean’s Impact Director, to provide an independent
assessment of impact potential. The process is circular such that if clarification or
further validation is required, then the case will be returned to the Due Diligence step
for further analysis before reconsideration by the Investment Committee. A legal
commitment to report on impact, and engaged involvement in the impact readiness
sprint in the accelerator program, is codified in all investment agreements with our
portfolio companies.
Deep Tech Impact Cases: Potentially systematically impactful investments. These will
sometimes have unclear valence, high execution uncertainty, or represent efforts to
mitigate systemic downside risk. Embedding intentionality here is even more critical
than in other categories. Stewardship of the technologies for positive impact will be
the most significant contribution that we can have as an investor.

Stage 3: The Accelerator Program
Outcome: Cohort impact potential maximized, ESG awareness raised,
and ability to report on impact ensured
Key tool: Impact Management Plan
All companies selected to receive investment will be enrolled in a 12-
week accelerator program, which is one of our most important value
adds as an investor. The program is focused on delivering business
valuable knowledge and tools that increase awareness amongst
startup management teams on the topics that they need to
understand in order to successfully scale their company, and
ultimately their impact. The modules cover strategic thinking and
planning on impact, fundraising, and growth strategies.
The impact readiness sprint - embedding impact
We have a dedicated workstream in the accelerator program focused
on teaching the fundamentals of impact to all investees to develop
their impact awareness, understanding, and strategy. This ensures
increased intentionality on their impact mission which we see as key
as the companies scales.
The development and delivery of the teaching module is in
cooperation with the Katapult Foundation. The workstream aims to
make impact an integral part of every startup’s core to ensure maximal
impact as they scale and improve competence in managing and
measuring impact.
In 2023 we introduced impact advisors to support each team
closer through the module. The impact advisors are people
from the Katapult team who are trained in developing Impact
Management Plans and challenge teams on their impact
awareness and strategy. Furthermore, we believe this has
ensured an even stronger impact on ownership and
understanding across all functions in our organization.
The impact management plan - ensuring
commitment to an impact management
strategy
The ambition to embed impact as core to each investee is
achieved through a guided completion of each company’s
impact management plan (IMP). Katapult’s IMP has been built
based on existing theoretical impact frameworks and
adapted to a startup-friendly format. The frameworks used
are the Theory of Change, Impact Frontiers’ 5 dimensions of
impact, and ESG principles. It furthermore consists of an
extensive measurement framework, which is based upon the
impact areas identified in the Ocean Impact Navigator. Our
tool supports startups in selecting the most relevant impact
metrics for their activities and ensures their ability to
measure and manage accordingly.

Stage 4: Portfolio Management and Exit
Outcome: Impact and ESG managed and reported on; Sustainability of high impact ensured as Katapult exits
Key tools: Ocean Impact Navigator KPIs, Principal Adverse Impact metrics and Good Governance reporting.
Why measure?
You can’t manage what you don’t measure. It’s as simple as that! This is why we dedicate 4 weeks of the Katapult Accelerator program to impact management and
measurement where we guide startups to better understand and define their own Theories of Change in order to measure and manage their impact. We firmly believe
that it is important for startups to have a good overview of both their positive and potential negative impacts so that they can work to maximize their positive impact and
minimize their negative impact. It’s also important that companies have good governance as they scale, which is why we encourage the implementation of a complete
strategy for managing impact even from the early stages of operations, enabled through quality measurement routines.
Reporting routines
Based on the Impact Management Plan drafted and approved by Katapult Ocean during the accelerator program, we have a list of impact metrics that each company will
report to Katapult on a yearly basis through the reporting platform Worldfavor that we implemented in the end of 2023. Such metrics paint a picture of the impact being
made by each company in our portfolio, and it is very common for companies to report on multiple metrics. We encourage the portfolio companies to prioritise a few
relevant metrics and measure those well as opposed to measure all the metrics that may be relevant as that might be too time consuming over time. In this sense, done
beats perfect.
When aggregating the impact data that we receive from companies during their reporting, we can see a broader picture of the impact being enabled by Katapult across
our portfolio companies. In addition to impact metrics, companies report financial and diversity figures, in addition to their Principal Adverse Impacts. In sum this will
help us and the companies to understand the interrelation between financial growth, impact growth, and team diversity.
Katapult Ocean regularly meets with portfolio companies to review their business plans, fundraising and growth strategies as well as their Impact Management Plan,
sharing best practices across the industry and compliance needs. Apart from constantly introducing relevant and responsible stakeholders to our companies, and
supporting their growth and capital requirements - we continuously work to develop our impact investing network and wider knowledge and industry partners. Through
this, we aim to embed impact and ESG upon the exit of our portfolio positions, assuring impact at scale in the long run.

What we’ve done and where we’re going:
Portfolio Impact Reporting at Katapult
The following considerations frame our commitment to continuous improvement in portfolio impact reporting:
Tuning our model: addressing the climate crises and ocean opportunities is Katapult Ocean’s core focus area. However, though investing within the ocean domains our investment mandate is
wide and across a range of domains and sectors. We’re finding the Ocean Impact Navigator very helpful as a set of KPIs that we measure and aggregate our portfolios’ impact. As we get more
and better data, we will contribute with feedback to the working group of the 1000 Ocean Startups and continue to improve the tool.
Setting good impact goals; Until now we’ve focused on impact measurement and ensuring that the startups know what to measure and when. The next step is to set goals with the startups as
we believe that they will achieve more when they have set targets for outputs and outcomes indicating that they’re on their way to achieving the impact they’re targeting.
Seed stage investing: furthermore, seed stage investing involves taking and managing substantial risk, on impact as well as financial returns. We aim to mitigate this through a balanced impact
risk portfolio (outlined in our process above) and to continue to evolve and improve the impact sprint and tools used in the accelerator program.
Details of measurement and reporting: our model focuses on defining useful, attributable, and specific impact metrics from the Ocean Impact Navigator per company. Despite building this into
processes and taking a proportional approach, we also have challenges in gathering meaningful reporting from some of our companies, especially the ones we invested in during the early days
that have not had the growth that we hoped for. Some of the newcomers in our portfolio are at a stage where it does not make sense to report on the metrics we use quite yet. Hence they’re
reporting on their progress and not the KPIs yet. In 2023, 60,7 % of our portfolio companies reported on their Ocean Impact Navigator impact metrics, in addition to financial and diversity
numbers. To make it fair, it’s important to note that the 12 latest added startups to our portfolio finished the accelerator program less than 5 months ago and that we made the investments in
65% of our portfolio companies before the Ocean Impact Navigator KPIs were introduced. Implementing new reporting routines is always a bit challenging.
To address these considerations, we have made the following three improvements that we are confident will reap benefits during 2024:
Implementation of a Worldfavor as the impact reporting platform for our portfolio companies. With this platform, our portfolio companies have one platform to report their impact and ESG
metrics, including SFDR Principle Adverse Impacts. It is easier for the startups to report and share their impact and ESG metrics with us and other investors.
Improving the IMP: the Impact Management Plan is the centerpiece of our Impact sprint in the accelerator program. In 2023 we moved the previously made step-by-step tool made in Excel to a
digital platform. We’ll continue to fine tune the tool, so that the portfolio companies have a good strategic plan for their impact work when graduating from the program.
Commitment to improving reporting: we have set a target to have 80% of our portfolio companies reporting on their most relevant impact metric by the end of 2024.

04
Portfolio
Impact

160 461 t
8830.6 t
Impact
GHG emissions reduced or avoided
Volume of macro-plastics diverted
from nature (or landfill).
highlights 2023:
The section below outlines key high-level metrics and some
of the most exciting impact case studies across our portfolio
in 2023. We are proud and confident that we have - and will
continue to grow - a highly impactful portfolio.
117 163
Number of people supported to
adapt to climate change
33 510.8 Ha
Area of coral reefs protected
or restored
235.2 t
Tonnes of ocean-based
seaweed produced
38 %
Of the KO portfolio works with
enhanced food security

Our 2023 investments:
By impact area
12
New accelerator stage
investments
Sustainably managed ocean resources
A Clean Ocean
Thriving and Restored Marine Habitats
Towards 1.5 °C
Climate-resilient coastal communities
Positive Socio-Economic Outcomes
0 2 4 6 8
*The impact areas illustrated in this graph encompass a range of significant environmental and social domains that are influenced by the operations of our portfolio companies. A company is considered
to be making progress towards an impact area if they perform activities which are deemed to have a positive impact on the domain. A company can target several of the listed domains.

Ocean Impact Navigator:
Introduction
The Ocean Impact Navigator: A tool for measurement and reporting
on six ocean impact areas
The Ocean Impact Navigator (OIN), developed by Systemiq for, and in collaboration with,
the 1000 Ocean Startups coalition, is a framework designed to standardise and enhance impact
measurement and reporting within the ocean impact innovation ecosystem. The OIN was
launched in Lisbon during a side event of the UN Ocean Conference in June 2022, and the
framework aims to simplify and unify the assessment of contributions towards ocean health,
climate change mitigation, and human wellbeing and equity.
The Navigator features 34 prioritized KPIs organized into six main impact areas, facilitating a
focused approach to evaluating the tangible impacts of innovations in critical sectors. Since its
introduction, over 200 organizations have requested the Navigator, with more than 30 actively
working to implement its KPIs. This uptake underscores the framework's role in promoting
consistent and meaningful impact evaluation across the ocean sustainability field.
Read more about the Ocean Impact Navigator here:
https://www.1000oceanstartups.org/navigator

Ocean Impact Navigator KPI results
Sustainably managed ocean resources
SUM
Towards 1.5 °C
1.1 Volume of biomass preserved or restored 339 t
1.2 Volume of seafood waste reduced 140 t
1.3 Welfare of Marine Life N/A
1.4 Tonnes of ocean-based seaweed and bivalves produced. 235.2 t
A Clean Ocean
2.1 Volume of primary micro-plastics diverted from nature (or landfill). 96.7 kg
2.2 Volume of macro-plastics diverted from nature (or landfill). 8830,6 t
2.3 Nitrogen / Phosphorous pollution mitigated (i.e. reduced, avoided or bioremediated). 690.9 t
2.4 Volume of contaminated wastewater from land-based sources diverted from waterways 0 l
2.5 Invasive species reduced or avoided. N/A
2.6 Reduction in [other pollution] (e.g. heavy metals, chemicals, sound, etc). 67,5 kg/year
2.7 NOx emissions mitigated 62.8 t
2.8 Sox emissions mitigated 600 t
4.1 GHG emissions reduced or avoided 160 679.8 tCO2e
4.2 GHG emissions generated 4 740.5 tCO2e
4.3 Carbon sequestered 0 tCO2e
Climate-resilient coastal communities
5.1 Length of coastline protected 394.0 km
5.2
Use of ocean information products/services in decision-making to support climate
adaptation & resilience
5.3 Number of people supported to adapt to climate change 120 963
Positive socio economic outcomes
6.1 Number of jobs created 1 881
6.2 People completing education/training programmes 770
6.3 Share of employees that are women average 28.2 %
6.4 Share of employees that are women in management positions. average 25.0 %
N/A
2.9 Particulate emissions mitigated. 0 t
Thriving and Restored Marine Habitats
6.5
Share of employees in management positions from underrepresented or marginalized
groups.
average 11.0 %
3.1 Area of coral reefs protected or restored 33 510.8 Ha
6.6
Ratios of average entry level wage compared to local minimum wage at significant
locations of operation
N/A
3.2 Area of mangroves protected or restored 1 560 Ha
3.3 Area of seagrasses protected or restored 200.1 Ha
3.4 Area of salt marshes protected or restored 0 Ha
3.5 Area of kelp forests protected or restored 0 Ha
3.6 Area of [other] habitat protected or restored 0 Ha
6.7 Enhanced food security. 38 % of portfolio
6.8
Number of people in a coastal area (within 50km of the coast) with increased
economic opportunities (either through new jobs or increased incomes).
116 866
6.9 [Other] positive socio-economic outcome. N/A
*These results are based on reporting from 60,7% of our portfolio companies. Several companies have not yet started production and therefore cannot report on
impact KPIs related to these impact areas. We request all portfolio companies to report the timeframe they will be able to start reporting within, and on which KPIs.
For more info about the metrics and calculation methods, please have a look at the Ocean impact Navigator technical appendix.

60 000
tCO2e avoided
Country The Netherlands
Incorporated 2015
Employees 17
Year of investment: 2021
Problem
Desolenator aims to address the global water crisis, where half of the world's
population lacks reliable access to clean water, as reported by the UN. By creating a
new marketplace for small and mid sized desalination systems that are fully circular
(no brine), Desolenator offers communities and businesses exposed to the water crisis
a long term water secure future. The organization identifies the need for sustainable
and affordable water purification systems that can operate without harming the
environment.
Solution
​
Desolenator offers a solar thermal desalination solution that purifies seawater or
brackish water using solar energy and existing thermal sources, producing highquality,
ultra pure water. Their technology is designed to be environmentally friendly,
with no harmful chemicals used in the process, and aims to provide net-zero water at
a cost of

277 tonnes
Country USA
Incorporated 2020
Employees 60
Year of investment: 2022
Problem
Warming oceans and nutrient runoff have created more frequent algae blooms
resulting in over 20 Megatons of Sargassum seaweed piling up on the Caribbean
coastlines each year. When left rotting on the beach, it creates an oxygen-depleting
brown tide that can be smelled 1 kilometer inland and which kills marine life and
tourism alike. No matter where it is disposed of, rotting Sargassum leaks arsenic into
local waters and soils, and off-gases hydrogen sulfide, ammonia, and methane – a
dangerous greenhouse gas 84 times more powerful than CO2 at trapping heat in the
atmosphere in the short term.
Solution
Carbonwave's business model upcycles the excess of Sargassum before it rots,
creating high performance biomaterials to replace fossil and animal-based products –
and avoiding the dangerous effect of it being left on shore.
Volume of biomass
preserved or restored
Impact
Since launch in 2020, Carbonwave has scaled a Sargassum
solutions business able to collect over 15,000 tons of seaweed that
would otherwise rot on Caribbean and Mexican coastlines – with
collection expected to grow in volume 2x year-year over for the next
3-years. From this Sargassum, our team has developed 3
Sargassum-based products for the Agriculture, Personal Care, and
Fashion sectors, and is developing three more high-impact products
to maximize the amount of seaweed we collect and carbon
emissions we avoid. Total C02e avoided should increase from nearly
10,000 tons in 2023 to over 300,000 tons in 3 to 5 years.”
Ben Ellis
Co-founder, Carbonwave

aims to save
> 1 GT
Country Germany
Incorporated 2022
Employees 8
Year of investment: 2023
Problem
Shipping emits 3% of global GHG emissions. Without sustainable fuels, this will not
change. Shipping companies have realized this and consensus has emerged that
sustainable methanol is the solution. However, traditional production technologies are
insufficient to produce sustainable methanol cost-effectively and at scale. Because
they are inefficient, inflexible, and highly CAPEX intensive.
Solution
IICODOS re-imagined the e-methanol production process. Their patented technology
enables to produce of sustainable methanol cost-effectively and at scale. Proven and
supported through 14 M€ Horizon Europe funding, it goes far beyond the state-ofthe-art
regarding cost efficiency, scalability, and environmental impact, reducing e-
methanol production costs by up to 50%.
ICODOS has pioneered two key innovations;
First, the technology interlinks carbon capture directly into the methanol synthesis.
Second, the technology enables a fully automated and dynamic methanol production.
With the potential to unlock more than 100 million tons of e-methanol in Europe
annually, ICODOS’ technology is a crucial solution, that can avoid 300 million tons of
CO2e per year.
GHG emissions
per annum
Impact
“ICODOS built the ideal foundation for the
industrialization of a step-change technology to
massively reduce the cost of sustainable e-
methanol production. Commissioning our fully
integrated power-to-methanol plant in pilot
scale as well as starting our demonstration
project – both funded by Horizon Europe – we
can now focus on scale-up and
commercialization.”
David Strittmatter
CEO, ICODOS

aims to save
1,000,000
Country the Netherlands
Incorporated 2018
Employees 38
Year of investment: 2020
Problem
Energy production has been a dominant factor in driving global warming. As the world
is transitioning to renewable sources of energy solar energy is the cheapest source of
energy in large parts of the world and also allows an independent and secure supply
of energy. As megacities are growing fast, space on dry land is getting scarce. The
question is, where to find the place to position large scale solar plants?
Solution
As roughly half of the world population lives within 100 kilometers of the ocean, and
most many megacities are positioned in coastal regions, the ocean offers the required
space. SolarDuck has developed a unique floating solar technology, that allows for
utility scale solar close to the areas with high energy consumption while minimizing
environmental impact. With this technology SolarDuck opens a new frontier for solar
developments and allows societies around the world to reap the fruits of an
affordable, independent and secure supply of renewable energy.
Tonnes of CO2 within
2030.
Impact
"With our unique and offshore certified technology we
will have a profound impact on how the world generates
its energy. The affordability and scalability of this
technology allows many societies around the world to
transition to this renewable source of energy. Following
our mission to “Electrify the World with Offshore
Floating Solar”, we have entered into partnerships with
organizations which can truly ‘move the needle’, like the
German energy giant RWE. We have been awarded the
first contracts for plants in Europe and Japan. And that’s
only the beginning of an exciting journey!"
Koen Burgers
Founder and CEO, SolarDuck

179 t CO2e
Country Norway
Incorporated 2018
Employees 49
Year of investment: 2019
Problem
The boating industry is traditionally powered by combustion engines, which
contribute to greenhouse gas emissions, water pollution, and noise disturbance,
negatively impacting the environment and marine life.
Solution
Evoy is addressing these environmental concerns by developing and manufacturing
high-output electric inboard and outboard boat motors, aiming to provide a
sustainable, efficient, and quieter boating experience while reducing maintenance
and operational costs.Evoy address these environmental concerns by developing and
manufacturing high-output electric inboard and outboard boat motors for commercial
and leisure markets. Evoys vision is to deliver a more sustainable, efficient, and
quieter boating experience while reducing maintenance and operational costs
GHG emissions
reduced or avoided
Impact
Evoy demonstrates a clear commitment to
genuine impact through its product innovation,
ambition in sustainability practices, and active
customer engagement. The organization's
mission, vision, and activities align with the goal
of reducing boating emissions and advancing
sustainable boating technologies.

15,000 kg
Country Austalia
Incorporated 2015
Employees 20
Year of investment: 2023
Problem
All boats and ships stored in the water need cleaning due to biofouling, the growth of
marine organisms on their hull which drastically increases the drag and fuel
consumption, contributing to more than 1% of global emissions. Antifouling releases
toxic biocides and is the largest direct source of ocean microplastics. 80% of invasive
marine species transfer is caused by biofouling on hulls.
Solution
Hullbot provides an autonomous robotic hull cleaning service, cleaning early and
often to reduce drag, save fuel and reduce CO2 emissions at scale, while protecting
biosecurity by preventing transfer of invasive species. Hullbot designs, develops,
manufactures and deploys underwater autonomous drones that perform high
frequency, proactive hull cleans and inspections. This eliminates the need for divers
and toxic antifouling paint, while ensuring that vessels are operating at their optimal
efficiency at all times.
CO2e of emissions
reduced per vessel per
month
Impact
Hullbot’s service reduces emissions and fuel
costs in a direct and measurable way, and has
been deployed as part of service contracts and
trials to commercial vessel operators, reducing
fuel consumption by up to 20%.

4,567,674
Country United Kingdom
Incorporated 2018
Employees 52
Year of investment: 2019
Problem
The ocean is vital to any kind of life on earth, yet as plastic demand grows at an
unprecedented rate, 11 million tonnes of plastic flows into the ocean every year. More
than 180 marine species have been found to have ingested plastic and many marine
animals are dying as a direct result of this pollution. Communities that rely on
fisheries and tourism also face these devastating effects.
Solution
Ocean Bottle have created an ocean impact product with mass-appeal, connecting
people to sustainability every day. Smart-chip activated for sustained impact, the
Ocean Bottle is the first manifestation of their solution, with each sale funding
collection of 11.4kg ocean-bound plastic.
Behind this humble bottle is Ocean Bottle'sImpact Engine - an immutable ledger of
impact projects, which allocates plastic collection funding to partners on the frontline
of the plastic crisis, from every sale they make.
Kilos of ocean-bound
plastic collected in 2023
Impact
"To date we have funded the collection the
equivalent of over 1 billion plastic bottles in
critically affected communities, but we are only
getting started. We hope to fund the collection
of over 7 billion plastic bottles by 2025."
Will Pearson
Founder and Co-CEO, Ocean Bottle
They are now empowering other organisations to replicate this model, offering our
impact to their customers and stakeholders - providing an opportunity to scale their
collective efforts exponentially.

Contact us?
We welcome investors to discuss
investment opportunities, both
fund investments as well as coinvestments
in a particular portfolio
company. If you are interested to
learn more, reach out to our
investment team.

We invest in Ocean impact ventures that solve
climate and biodiversity challenges, provide
food and clean water for people globally