Danish renewable technology company Resen Waves has secured over £1 million to further advance its wave energy technology designed for use in the offshore oil and gas sector.
The new capital, secured through venture capital firm West Hill Capital, will be used to expand international awareness and sales of the company’s wave energy solution, while the next goal is to raise an additional £1.2 million to accelerate international commercial growth, according to Resen Waves.
The company has developed the Resen Waves Power Buoy, which is a small-scale wave power generator with real-time data connectivity that can generate 300W of continuous power during average wave activity.
The wave buoy can act as a solution for powering instruments and machinery in the oceans, the company added.
Per Resen Steenstrup, Founder and CEO of Resen Waves, said: “Our initial target market is the $6 billion offshore oil & gas decommissioning industry and underwater docking solutions for Autonomous Under Vehicles (AUV´s).
“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.”
Aside from the current small-scale wave power generator, the company is taking a gradual approach towards developing utility-scale device that could eventually replace diesel generators in off-grid coastal communities, and form part of the 100GW wave and tidal capacity targeted by the European Unioin by 2050.