Mikael Sidenmark, CEO of Ocean Harvesting Technologies, commented: “Our InfinityWEC technology is the result of several years of R&D and development of new technologies in adjacent industries. To bring our technology to commercialization, we are very pleased to welcome Lundin Foundation as a new shareholder of Ocean Harvesting Technologies. The vast experience and technical expertise of the Lundin Group, as well as the potential to pilot the technology in offshore installations, will be of great value to our company. “
InfinityWEC is a modular and scalable wave energy conversion system capable of capturing and converting wave energy into electricity in a highly efficient and cost effective manner. Compared to offshore wind power, InfinityWEC is estimated to produce a steady and predictable power output, 10 times more electricity per area of sea used with virtually no visual impact from shore.
The Lundin Foundation receives annual funding from Lundin Energy to invest in high potential start-ups that advance low-carbon technologies and support large-scale decarbonization. This partnership enabled Lundin Foundation to acquire a stake in Ocean Harvesting Technologies. The Lundin Foundation will join the board of directors of Ocean Harvesting Technologies and support the company’s commercialization strategy.
Zomo Fisher, Vice President of Sustainability, Lundin Energy, concluded, “As an experienced Nordic energy developer and operator, Lundin Energy is proud to support the development of low carbon technologies in the region. We aim to become carbon neutral in all of our operations by 2030, and untapped technologies such as wave power can help the entire industry go carbon free. We are delighted to support Ocean Harvesting Technologies as part of our partnership with the Lundin Foundation, and believe their unique concept has the potential to play an important role in the energy transition. “