Seabased to set up production facility in Norway

Wave energy company Seabased has opted for Norway for the establishment of a production facility for its wave energy devices that could employ 120 people in the first two years.

Seabased's wave energy converters (Photo: Seabased)

The facility, to be set up in Brevik, will build and test wave energy converters that will be part of several upcoming projects, including a 100MW installment off Ghana, according to Seabased.

The production facility could hire up to 120 workers in the first 12 to 24 months, the company said.

Seabased has also agreed to provide wave energy converters for projects in Sri Lanka and the Canary Islands, and is in late stage negotiations for projects around the world, including the Caribbean, Mediterranean, Indian Ocean, and Southeast Asia.

Ove Almås, Vice President of Production who will head Seabased’s manufacturing facilities in both Sweden and Norway, said: “Deep harbor access in Brevik is something we can’t find on the west coast of Sweden near Lysekil.”

Øivind Magnussen, Seabased’s CEO, added: “We intend to be a significant player in the emerging Blue Economy, both in Sweden and Norway. The Blue Economy Finance Principles for responsible investment stipulate that investments going forward should, essentially, benefit people, planet and profit, which is the motto of Seabased.”

As reported earlier, Seabased is running an equity crowdfunding campaign through May 19, 2018, on the Nordic platform Invesdor.

The funding from the campaign will be used to scale production resources to meet demand, to continue to develop the R&D and testing processes, and for business development and general corporate purposes.