Swedish wave energy tech developer Ocean Harvesting Technologies has secured a €300,000 investment from Lundin Foundation.
The investment matches a grant from the Swedish Energy Agency for the next development phase of the company’s InfinityWEC technology.
InfinityWEC is a modular and scalable wave energy conversion system capable of capturing and converting wave energy to electricity.
Compared to offshore wind power, InfinityWEC could produce 10 times more electricity per used sea area.
The Lundin Foundation receives annual funding from Lundin Energy to invest in low-carbon technologies and support decarbonisation at scale.
This partnership also 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 OHT, said: “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 , VP Sustainability, Lundin Energy, also commented:
“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.”