Sweden’s Ocean Harvesting Technologies is undertaking a €1 million share issue for the period 2026-2027 to finance the development and prototype testing of its wave energy converter (WEC).
InfinityWEC is being developed under the ongoing INFINITY and WECHull+ EU-funded collaboration projects, with the first focusing on the power take-off (PTO) and control system and the latter on floating concrete structures.
The capital raised will be used mainly for personnel, external engineering, prototype equipment, and IP management, the company said.
“We welcome new investors and partners as we work to transform ocean energy into cost-efficient, grid-stable electricity,” said Mikael Sidenmark , CEO of Ocean Harvesting Technologies.
“In 2026-2027, we will prove the exceptional performance and commercial potential of our InfinityWEC wave energy converter. Focus is on the full-scale system, build and validation of prototypes of power-take off and buoy, as well as preparations for sea trials and business development.”
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, according to Ocean Harvesting Technologies.