The Swiss Schweizer Kapital Global Impact Fund, represented by Umut Ertan, has contributed to bringing SINN Power’s wave energy technology to market maturity in 2022 with €4.7 million.
The funds will enable the German technology developer to implement wave energy converter projects to illustrate the potential for cost-savings and CO2 reductions to customers on coasts around the world.
“SINN Power has a clear goal, a passion for innovation, and a highly motivated and talented team. Based on this combination, we are convinced that our investment will enable the wave energy converter to reach market maturity,” Umut Ertan said.
Philipp Sinn , the founder of SINN Power, said: “With Umut Ertan, today we won a new partner who is sharing a clear vision with us: moving forward courageous and visionary, to demonstrate the compatibility of ecology and economy in practice. As a valuable complement to our existing network of investors, the German government and our team, Umut takes us a big step closer towards this goal.”
To remind, at the end of March, SINN Power signed a partnership agreement with an aquaculture company Fazenda de Camarão to start a wave energy demonstration project on São Vicente island in Africa. Within this project, a SINN Power wave energy converter will be installed to supply an organic shrimp farm with 100% renewable energy.