Vinnova funding for NoviOcean, wave power developer

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Vinnova funding for NoviOcean, wave power developer

Last week, we got the green light from Vinnova regarding a 900K SEK grant for the “Innovative Startups phase 2” programme. With Vinnova’s support, we will be able to further improve the design and function of our prototype unit (NO1). We will also evaluate and connect with future potential suppliers as well as update our IP strategies and business plan.

- Moreover, a critical aspect of our work during the “Innovative Startups phase 2” project will be to focus on deepening our understanding of the market needs and improving our cost estimates. We will also focus on effective engagement with our partners and potential customers, says Jan Skjoldhammer CEO and founder of Novige AB

After testing the prototype for 2 weeks in the wave tank plus 6 weeks offshore, we have now gained invaluable insights on how we should tweak the PTO (Power Take Off) design for even better performance. The prototype is now back at our test rig (built using a previous grant from Åforsk) at KTH Royal Institute of Technology. More dry tests are being planned to be performed under another project.

Please watch our showcase video here

We invite journalists, market actors, philanthropists, and foundations who are interested in joining us in “saving the climate with profitable wave power” to contact us and possibly come and see the NO1 prototype at KTH in Stockholm. For more information, please contact Jan Skjoldhammer Jan.skjoldhammer@noviocean.energy

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Jan Skjoldhammer

Jan Skjoldhammer

Press contact CEO +46(0)733948417

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Saving the climate with profitable wave power

The NoviOcean Wave Energy Converter relies on several unique and patented innovations. Using highly efficient and well-proven components as well as a strong and light-weighted structure ensures fully weather resilient and much higher power density compared to any other known wave energy system. Moreover, simplicity in manufacturing, installation, and maintenance ensures lower projected capital and operational costs.

Combining higher power density with lower costs leads to substantially lower LCOE values for NoviOcean WEC compared to any offshore marine energy concept known to date, and even at a competitive level to fossil energy sources in many regions. NoviOcean’s complete team of diverse and highly compatible experts is currently working on developing our first commercial 500 kW NoviOcean unit, with 2, and 5 MW models being in the pipeline for future development.

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Skjutbanegatan 8 A
723 39 Västerås
Sweden