Ocean Harvesting Technologies, a Swedish pre-commercial renewable energy company that strives to be a market leader in wave energy technology, has announced a € 300,000 investment from the Lundin Foundation. The investment is a € 300,000 grant from the Swedish Energy Agency to provide Ocean Harvesting Technologies with the funding needed to prototype the next phase of development of the company’s new InfinityWEC technology. To date, research and development activities within the company have focused on advanced PTO power control technology and energy storage integration, to provide power capture performance high and smooth power output. After years of system design in collaboration with marine engineering specialist Sigma Energy & Marine, and simulation analysis of different design concepts, Ocean Harvesting Technologies developed the new InfinityWEC wave energy converter in 2017
The Lundin Foundation receives annual funding from Lundin Energy to invest in high potential start-ups that advance low-carbon technologies and support large-scale decarbonization. This partnership enabled Lundin Foundation to acquire a stake in Ocean Harvesting Technologies. The Lundin Foundation will join the board of directors of Ocean Harvesting Technologies and support the company’s commercialization strategy.
Mikael Sidenmark, CEO of Ocean Harvesting Technologies, said: “Our InfinityWEC technology is the result of several years of R&D and the development of new technologies in adjacent industries. To bring our technology to commercialization, we are very pleased to welcome Lundin Foundation as a new shareholder of Ocean Harvesting Technologies. the expertise of the Lundin Group, as well as the potential to pilot the technology in offshore installations, will be of great value to our company. “
Zomo Fisher, Vice President of Sustainability, Lundin Energy, said: “As an experienced Nordic energy developer and operator, Lundin Energy is proud to support the development of low carbon technologies in the region. We aim to become carbon neutral in all of our operations by 2030, and untapped technologies such as wave energy.We are delighted to support Ocean Harvesting Technologies as part of our partnership with the Lundin Foundation, and believe that their unique concept has the potential to play an important role in the energy transition.
Compared to offshore wind power, InfinityWEC is estimated to produce a steady and predictable power output, 10 times more electricity per sea area used and having virtually no visual impact from shore. The estimated discounted cost of energy (LCOE) is estimated to be very competitive with 100 euros / MWh already at a deployed capacity of 100 MW, and 35 euros / MWh at a GW deployment scale according to Ocean Harvesting Technologies.
Source and top image: Ocean Harvesting Technologies