Havkraft gets financial backing to advance wave energy business

Business developments & projects

April 19, 2023, by Amir Garanovic

Norwegian company Havkraft has secured funding support to further advance its wave energy technology and projects.

Rendering of Havkraft N-Class wave power plant (Courtesy of Havkraft)

Namely, Havkraft received an offer for financing from Innovation Norway for the development of the Havkraft N-Class wave power plant, in the amount of €760,000 (NOK 8,7 million).

Havkraft’s N-Class wave power plants are fit for nearshore locations. The plants are based on the Havkraft Wave Energy Converter (H-WEC) design and equipped with Bosch permanent magnet generators.

The development grant from Innovation Norway will assist Havkraft in deploying its N-class wave energy power plant in 2024, in Svanøy, Western Norway, before it is distributed to many other projects in the following years, Havkraft said.

Aside from the development grant from Innovation Norway, Havkraft also completed the capital raise campaign, welcoming two big investors Håvard and Finn Skrogstad from Trondheim in Norway.

They invested €1.3 million (NOK 15 million) in the company, with the intent to contribute to Havkraft’s success in the sustainable energy market.

In addition, the capital raise at Folkeinvest reached the minimum amount of €872,000 (NOK 10 million) after only 4,5 hours since the opening of the campaign, and the goal of €1.3 million two days before the campaign closed.

“The company’s determination to be the most sustainable energy-technology available is getting even stronger in 2023. We warmly welcome all our over 900 new investors on board,” Havkraft said in a statement.