Ocean Harvesting is raising €500,000 for a design improvement of the InfinityWEC wave energy converter and preparation for sea trials.
New investors are invited to join a €500,000 financing round for the 2024 activities, split into €120,000 for April–June and €380,000 for the rest of the year.
Since 2017, Ocean Harvesting Technologies has been working on the development of the InfinityWEC. In 2023 and early 2024, the company concentrated on refining simulation models for the sixth generation of the technology, particularly focusing on the ball screw actuation system in the power take-off mechanism.
The design work for the full-scale system of InfinityWEC will carry on throughout 2024, with plans for a 1:3 scale sea trial project scheduled for 2025-2026.
InfinityWEC achieves highly cost-effective electricity production by optimizing energy extraction from each wave, with a continuous power output of up to 500 kW.
The estimated energy production cost (LCOE) is projected to be highly competitive, reaching 100 €/MWh at a deployed capacity of 100 MW and less than 35 €/MWh at a gigawatt-scale deployment.
“The ball screw actuators in the power take-off in combination with our hydrostatic pre-tension system is a very efficient solution,” said Mikael Sidenmark , CEO of Ocean Harvesting.
“It benefits from the use of advanced model predictive control algorithms to optimize the force applied to the buoy in every given moment, which results in both outstanding annual energy production and the ability to control and reduce buoy motions and loads in the system.”
InfinityWEC is based on circularity by design, prioritizing material efficiency and minimal environmental impact. By combining energy output and utilizing cost-effective, low-carbon materials, it achieves material efficiency. Engineered for large-scale production and streamlined logistics, InfinityWEC facilitates the efficient deployment of wave farms.
“Our focus in 2024 is the implementation of a new enhanced model predictive control (MPC) algorithm in the control system, and completion of the full-scale system design. We will also bring forward our buoy technology as part of the on-going EU-financed WECHull+ project . Preparations will continue for the 1:3 scale sea trial project planned for 2025-2026, for which a 2 million Euro grant has been approved by the Swedish Energy Agency,” added Sidenmark.