Ocean Harvesting Technologies opens financing round to advance wave energy tech

Sweden’s Ocean Harvesting Technologies has launched a €200,000 financing round to support further development of its InfinityWEC wave energy converter (WEC) in 2025. The move is part of a larger €700,000 capital requirement for 2025-2027.

InfinityWEC is currently being developed under two EU-funded projects – INFINITY, focusing on the power take-off (PTO) and control system, and WECHULL+, which targets floating concrete structures. According to Ocean Harvesting, the technology delivers high power output relative to its size and relies on low-cost, low-carbon materials to achieve competitive energy costs.

“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,” said Mikael Sidenmark, CEO of Ocean Harvesting Technologies.

“We will prove the technical and commercial potential of InfinityWEC, and results are expected to pave the way for strategic industrial engagement, sea trials and commercialization.” 

The company said that it plans a second financing round of €500,000 to cover operational activities in 2026 and 2027.

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.

In June 2024,  Ocean Harvesting Technologies was developing the sixth generation of its WEC, InfinityWEC, including the implementation and evaluation of a moment-based model predictive control (MPC) in its simulation model.