Danish company Resen Waves has raised more than £1m to step up commercial development of its technology for offshore oil & gas and docking systems for underwater drones.
The company raised £1.3m through UK private equity outfit West Hill Capital to progress its Resen Waves Power Buoy.
The Danish developer is eyeing an additional £1.2m capital raise to accelerate international commercial growth of its small-scale generator.
“Our initial target market is the $6bn offshore oil & gas decommissioning industry and underwater docking solutions for Autonomous Under Vehicles,” said Resen Waves chief executive Per Resen Steenstrup.
“We make it possible to power and communicate in real time with instruments, AUV docking stations and machinery on the sea bed and our clients can control the activity from their office in real-time.”
The company is working towards a utility-scale device that could eventually replace diesel generators in off-grid coastal communities.