Swedish company eyes funding as it targets global wave energy opportunities

Swedish company Waves4Power has opened an equity funding round, looking to secure $25 million, that will support its efforts to unlock opportunities for wave energy developments across the globe.

On December 10, 2022, Waves4Power opened for investments in an A-round funding, aiming to secure $25 million in equity.

According to Waves4Power, the round may stay open until the end of February, 2023, but if the investment goals are reached, it may be closed earlier.

This A-round is based on a company pre-money valuation of $65 million, the company noted.

Waves4Power has also unveiled several identified ‘hotspots’ for the development of wave energy projects using its WaveEL wave energy technology. These include opportunities in the United States, Canada, as well as Norway, Singapore, Indonesia, and South Afrika.

Jonas Kamf, CEO of Waves4Power, said: “I could go on for a long time telling you about the opportunities in USA and Canada, our contacts with the Department of Energy (DoE), and micro grid solutions for coastal communities based on WaveEL and smart battery storage of energy.

“But I think you get the picture of the great opportunities that the US and Canadian west coast offers Waves4Power. One thing is certain; we don’t lack opportunities. The only thing we still lack is cash, but we hope to solve this around the new year.”

When it comes to the activities in Indonesia, the company recently signed a memorandum of understanding (MoU) with PLN Indonesia Power to develop WaveEL wave energy parks on a large scale in the world’s largest archipelagic state.

Also, Waves4Power said it is negotiating at least two major opportunities on the Indian Ocean side of Indonesia and on Natuna Besar Island, facing the Pacific Ocean. The latter is a project aimed at replacing diesel power with wave energy, with at least 12MW of installed power.

“We are now working hard to secure funding for feasibility studies. These studies are the first step towards signing our first contract for WaveEL in Indonesia in 2023,” said Kamf.

As for South Africa, Waves4Power is working with a local partner, Africa Gateway International, to explore several business opportunities in the area.

According to the company, this follows the changes in South Africa’s legislation implemented during 2022, making it more favorable for developers to introduce new types of sustainable energy solutions.

“Until now it was very hard to make larger installations, but since summer 2022 there is really no limit if you have an off taker for the power supplied. Our partner is doing a great job and is about to secure local funding for our first pilot installation in South Africa,” unveiled Kamf.

The installation is for a private mining company and will include 12 WaveEL buoys and two connection hubs, the company said, adding it might also serve as the first pilot park installation of WaveEL 4.0 wave energy technology.

The funding for the project is expected to be ready in late January 2023, Waves4Power expects.

The South African pilot funding also includes funds for relaunching a system in Norway at the Runde site, according to Waves4Power. This system will be used as a mother buoy to produce the 12-buoy pilot in South Africa, and also for securing of the DNV global classification needed for the globalization of the Swedish company.

In addition, the company has signed an MoU with a Singapore-based corporation, Sembcorp as it looks to take a share of Asia-Pacific market.

“Sembcorp’s vision is to be a leading provider of sustainable solutions. They aim to transform their portfolio from brown to green, by focusing on renewables and integrated urban solutions business.

“This is where Waves4Power fits into the puzzle. We add wave power to their market offer, and we hope that the alignment with Sembcorp will further accelerate our business in Indonesia, Asia-Pacific, and the rest of the world,” Kampf concluded.

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