Swedish company Novige has been selected as one of the finalists for Stena Line Propeller Prize for its NoviOcean wave energy device.
For the sixth year, Swedish ferry operator Stena Line is awarding the Stena Line Propeller Prize, the prize for young growth companies focused on sustainability in the Baltic Sea region.
There are two categories for the prize, each with three nominees. This year, Novige has been selected as the finalist in the marine technology category, and is competing against two other companies for a SEK 100,000 (close to €10,000) prize.
The winners of each of the two categories will be announced by Blue Science Park during the digital event Innovation Day scheduled for 6 May 2021.
Novige’s NoviOcean device is a floating non-resonant point absorber wave energy converter which extracts energy from the vertical motion (heave) of the waves.
It is essentially comprised of two main subsystems – the ‘rectangular float’, and the ‘inverted hydro power plant PTO’.
To remind, Novige recently secured SEK 5.6 million (€550,000) in project funding from the Swedish Energy Agency.
Novige said it would use the funding to fine-tune and further develop the essential components of its NoviOcean wave energy device.