Norwegian company sets sights on Southeast Asia’s wave energy potential

Outlook & Strategy

August 4, 2023, by Amir Garanovic

Norwegian wave energy company Havkraft has joined forces with Singapore-based Neuto to spearhead green transition in Southeast Asia through the development of ocean energy projects using the Havkraft N-class wave power plant.

Illustration/Wave energy array based on H-WEC technology (Courtesy of Havkraft)

The strategic partnership was formalized with the signing of a memorandum of understanding (MOU) in August 2023, marking the official start of collaboration between the companies.

Havkraft‘s proprietary Havkraft Wave Energy Converter (H-WEC) technology, which includes wave power products like the Havkraft N-class, holds immense promise for the renewable energy sector in Southeast Asia, according to the company.

By capitalizing on Neuto‘s extensive expertise and regional presence, the parties aim to accelerate the adoption and integration of this advanced technology within local markets, fostering a greener and more sustainable future.

Geir Arne Solheim, the inventor, founder and CEO of Havkraft, said: “At Havkraft, we firmly believe in the potential of ocean energies, particularly wave power, to drive sustainable development and address pressing environmental challenges.

“Partnering with Neuto, a prominent player in the Southeast Asian market, is a significant milestone that will enable us to take our innovative technology to new horizons, making a profound impact on the region’s renewable energy landscape.”

Andy Low, the founder and CEO of Neuto, highlighted the importance of this collaboration for the green transition in Southeast Asia, stating: “Southeast Asia presents vast opportunities for renewable energy growth, and wave power holds tremendous potential as a clean and reliable source.

“By aligning our strengths with Havkraft, we are poised to deliver innovative solutions to our region, accelerate sustainable development, and play a vital role in realizing a green future for Southeast Asia.”