CalWave gets Breakout Labs funding
- Business & Finance
US-based start-up CalWave Power Technologies has secured a research grant from Breakout Labs fund to further advance its wave energy technology.
The grant, whose amount was not disclosed, will accelerate the work of CalWave’s team towards an open ocean device demonstration, according to the company.
CalWave, a spin-out of UC Berkeley and Cyclotron Road, is developing a submerged pressure differential wave energy device.
The team was awarded as the runner-up of the US Wave Energy Prize competition, organized in 2016 by the US Energy Department – securing $500,000 cash prize.
CalWave’s initial patented shallow water technology was inspired by the ability of muddy sea floors to absorb over-passing waves.
However, for the US Wave Energy Prize challenge, CalWave advanced its wave energy converter into an offshore moored solution, allowing a wider range of applications, according to Breakout Labs – a fund within the Thiel Foundation that supports early stage companies as they transition radical scientific discoveries out of the lab and into the market.