Danish developer Resen Waves has kicked off a capital raising campaign whose proceedings will be used to further advance the company’s wave energy technology.
The new capital will be used to set up sales and marketing operations in Aberdeen with a focus on the offshore oil & gas sector, and further research and product development in Denmark, the company said.
Resen Waves engaged a venture capital firm West Hill Capital which provides Enterprise Investment Scheme (EIS) qualifying investments to private individuals and growth capital to pioneering technology companies throughout the UK and abroad to facilitate the campaign.
The EIS is one of 4 venture capital schemes in UK designed so that the company can raise money to grow it business by offering tax reliefs to individual investors who buy new shares in the company.
Out of £2.5 fundraising target, the amount of £1.0 million is SEIS/EIS qualifying in the UK, according to Resen Waves’ Per Resen Steenstrup, Founder and CEO.
Steenstrup added: “Our initial target market is the $6billion offshore oil & gas decommissioning industry but our eventual aim is to replace polluting diesel generation in off-grid coastal communities and form part of the 100GW wave and tidal capacity targeted by the EU by 2050.”
The Resen Waves Power Buoy is a small-scale wave power generator with real-time data connectivity that can generate 300W of continuous power during average wave activity, according to Resen Waves.
It can act as a solution for powering instruments and machinery in the oceans, the company added.
Note: The article titled ‘Resen Waves bags £1 million for wave energy tech’ – published on MarineEnergy.biz on May 21, 2018 – has been corrected to include clarifications received from Resen Waves.