Swedish company Ocean Harvesting Technologies has secured funding from the Lundin Foundation to prototype the next development phase of its wave energy technology.
Ocean Harvesting Technologies said the €300,000 investment from Lundin matches a grant from the Swedish Energy Agency to help develop the Infinity device.
The Lundin Foundation receives annual funding from Lundin Energy to invest in high potential, early-stage businesses that advance low-carbon technologies and support decarbonisation at scale.
Lundin Foundation will join the board of Ocean Harvesting Technologies and will support the company’s commercialisation strategy.
Ocean Harvesting Technologies chief executive Mikael Sidenmark said: “Our Infinity technology is the result of several years of R&D and of new technology developments in adjacent industries.
“To bring our technology to commercialisation, we are very pleased to welcome Lundin Foundation as a new shareholder in Ocean Harvesting Technologies.
“The vast experience and technical expertise of the Lundin Group, as well as the potential to pilot the technology at off-shore facilities, will be of great value to our company.”
Lundin Energy vice president sustainability Zomo Fisher said: “As an experienced Nordic energy developer and operator, Lundin Energy is proud to support low-carbon technology development in the region.
“We have a goal to become carbon neutral across our operations by 2030, and untapped technologies such as wave power can help the wider industry to decarbonise.
“We are excited to support Ocean Harvesting Technologies through our partnership with the Lundin Foundation, and believe that their unique concept has the potential to play a significant role in the energy transition.”