Ocean Harvesting Technologies secures €300,000 investment from the Lundin Foundation
Published: 14 September 2020 - Rachael Morling
On 11th September 2020, Ocean Harvesting Technologies, a Swedish pre-commercial renewable energy company striving to be a market leader in wave energy technology, announced a €300,000 investment from Lundin Foundation. The investment matches a €300,000 grant from the Swedish Energy Agency to provide Ocean Harvesting Technologies with the required funding to prototype the next development phase of the company’s novel InfinityWEC technology.
InfinityWEC is a modular and scalable wave energy conversion system that is capable of capturing and converting wave energy to electricity in a highly effective and cost-efficient manner. Compared to offshore wind power, InfinityWEC is estimated to produce a smooth and predictable power output, 10X more electricity per used sea area with virtually no visual impact from shore.
The Lundin Foundation receives annual funding from Lundin Energy to invest in high potential, early-stage businesses that advance low-carbon technologies and support decarbonisation at scale. This partnership enabled Lundin Foundation to make an equity investment into Ocean Harvesting Technologies. The Lundin Foundation will join the Board of Ocean Harvesting Technologies and will support the company’s commercialisation strategy.
Mikael Sidenmark, CEO at Ocean Harvesting Technologies commented: “Our InfinityWEC technology is the result of several years of R&D and of new technology developments in adjacent industries. To bring our technology to commercialization, we are very pleased to welcome Lundin Foundation as a new shareholder in Ocean Harvesting Technologies. The vast experience and technical expertise of the Lundin Group, as well as the potential to pilot the technology at off-shore facilities, will be of great value to our company.”
Zomo Fisher, Vice President Sustainability, Lundin Energy, said: “As an experienced Nordic energy developer and operator, Lundin Energy is proud to support low-carbon technology development in the region. We have a goal to become carbon neutral across our operations by 2030, and untapped technologies such as wave power can help the wider industry to decarbonise. We are excited to support Ocean Harvesting Technologies through our partnership with the Lundin Foundation, and believe that their unique concept has the potential to play a significant role in the energy transition.”