WaveX seeks investment for next wave energy development phase

Australian wave energy company WaveX is seeking a SEED investment round to fund the next development phase, aiming to scale up its wave energy technology.

The company plans to deploy a large-scale steel prototype in southern Western Australia to demonstrate consistent and reliable electricity production, according to the Center for Entrepreneurial Research and Innovation (CERI).

“We’re going to deploy our tech that has no underwater moving parts, we’re going to onboard an amazing local team who’ve already installed a million tonnes of offshore structures, and we’re going to do it right here in Western Australia,” said Wavex in a social media post.

In January, WaveX signed a heads of agreement with UK-based Trident Energy to collaborate on advancing wave energy systems. 

In November, WaveX signed a MoU with a compatriot consultancy company, Floating Solutions Consulting (FSC). Under the MoU, FSC is to apply its expertise in operations and maintenance (O&M) from the oil and gas and defense sectors to enhance the operability, reliability, and lifecycle costs of WaveX’s proprietary D-Spar wave energy technology.