Swedish wave energy company Ocean Harvesting has launched a €200,000 financing round to cover operational activities during the second half of 2025. This will be followed by a financing round of €500,000 for the period 2026–2027.
The company’s technology, InfinityWEC, is a point absorber wave energy system now being developed and tested as part of two ongoing EU-funded international collaboration projects (CETP) — INFINITY (PTO and control system) and WECHULL+ (floating concrete structures).
Wave energy devices aim to capture the power of ocean waves, the single largest unused renewable energy source on the planet. The total theoretical wave energy resource worldwide stands at an 30,000 TWh/year–more than current global electrical consumption. Wave energy is extremely dense and highly predictable, making it easy for grid operators to incorporate. The EU aims to have at least 42.5% of renewable energy by 2030. The objective for ocean energy is to have at least 1 GW of installed capacity by 2030 and 40 GW by 2050.
The company said InfinityWEC produces high electricity output relative to its size and is mainly built of low-cost materials with low carbon footprint, resulting in exceptional resource efficiency and ultimately very competitive cost of energy (LCOE). Its power take-off uses a combination of direct-drive ball screws and a hydrostatic pre-tension system to provide instant force control capability with high efficiency. Model predictive control (MPC) optimizes the pulling force on the buoy in every individual wave to maximize energy extraction.
“The scopes of the INFINITY and WECHull+ projects and the partners involved are a perfect fit for us, providing a clear, value-creating plan for the period 2025–2027,” says Mikael Sidenmark, CEO of Ocean Harvesting Technologies AB.
