Resolute Marine bags EU grant for W2O project
- Business & Finance
Resolute Marine has secured EU grant of €50,000 for the demonstration of the economic feasibility of its wave-powered desalination technology, W2O.
The company secured the funding, along with three other SMEs, under Phase 1 of Horizon 2020 programme.
According to European Commission, each project will receive €50,000 to finance feasibility studies for new products that can disrupt the market. They can also ask for up to three days of free business coaching.
Resolute Marine’s technology is capable to harnesses ocean wave energy to produce fresh water in areas where large-scale seawater desalination plants are too expensive and take too long to build and where diesel-electric systems deliver limited quantities of high-cost water and add significant costs and environmental risks.
The system is expected to operate completely ‘off-grid’ and supply more than 48,000 people with fresh water at a competitive cost.
If the project’s feasibility study shows that it could be developed into a successful product on the open market, the SME can apply for Phase 2 support. Phase 2 funding is usually between €500,000 and € 2.5 million.