Sweden’s Ocean Harvesting Technologies Launches €200,000 Financing Round for InfinityWEC Development

Sweden’s Ocean Harvesting Technologies has initiated a €200,000 financing round to support the ongoing development of its innovative InfinityWEC wave energy converter (WEC) in 2025. This funding marks the beginning of a larger capital requirement of €700,000 for the years 2025 to 2027.

The InfinityWEC is currently under development as part of two EU-funded projects – INFINITY, focusing on the power take-off (PTO) and control system, and WECHULL+, which concentrates on floating concrete structures. This technology boasts high power output efficiency relative to its compact size and utilizes cost-effective, environmentally friendly 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,” stated 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.”

Ocean Harvesting Technologies also announced plans for a second financing round of €500,000 to support operational activities in 2026 and 2027.

The InfinityWEC design emphasizes circularity, focusing on material efficiency and minimal environmental impact. By combining energy output and utilizing low-carbon materials, this wave energy converter achieves optimal material efficiency. Engineered for large-scale production and efficient logistics, the InfinityWEC facilitates the deployment of wave farms.

In June 2024, Ocean Harvesting Technologies was in the process of developing the sixth generation of its WEC, InfinityWEC, which included implementing and evaluating a moment-based model predictive control (MPC) in its simulation model.