Norway-based Seabased Holding has taken a majority stake in Swedish wave developer Seabased.
The holding company has committed to initially invest $10m in Seabased during 2016, with $6m designated for the first half of the year.
Seabased is exploring moving the headquarters from Uppsala to Lysekil on the west coast of Sweden.
“We are excited to be a part of a growth company in its commercialisation phase based on technology from Uppsala University, and with production facilities in Lysekil,” said Seabased Holding chairman Oivind Magnussen.
“Our vision is to build a strong Nordic global energy company building on the foundation laid by the outstanding team of Seabased. We will contribute on the financing side and in working with Norwegian offshore technology to aid the installations and maintenance teams in Sweden,” he added.
Seabased will hold an Extra General Shareholders Meeting in order to appoint a new board of directors and to approve the moving of the head office from Uppsala to Lysekil.
Image: Seabased wave device (Seabased)
Seabased gets $10m injection
Norwegian holdco takes controlling stake in Swedish wave developer
By EBS