Wavepiston and BlueInvest: powering ocean energy solutions

Wavepiston's Danish team © Wavepiston — Wavepiston's Danish team
© Wavepiston

Wavepiston, a visionary Danish startup, is committed to providing unobtrusive, robust, and cost-effective solutions for harnessing the vast potential of ocean energy.

With the support from the EU BlueInvest Readiness Assistance Programme, Wavepiston succeeded in securing €4.4 million in funding.

In the face of the growing global energy crisis and escalating demand for renewable alternatives to fossil fuels, wave energy is a promising alternative.

The International Energy Agency says that 'ocean power generation needs to grow by 33% a year to achieve a net-zero world by 2050.'

Despite a great deal of research in wave energy, the technology still lags behind other renewables.

Wavepiston's breakthrough ocean energy solution

Wavepiston offers an ingenious solution that works with the oceans, efficiently capturing energy through pioneering energy collectors.

These collectors yield two important products: clean electricity and desalinated, drinkable water.

Situated by the sea, the collectors respond to rolling waves, initiating a rhythmic motion that pumps seawater through a pipe, ultimately driving turbines or reverse osmosis systems for energy conversion and desalination.

Wavepiston relies on established conversion technologies that use pressurised water generated by their collectors, amplifying the efficiency of this solution.

Illustration of Wavepiston's product © Wavepiston — Illustration of Wavepiston's product
© Wavepiston

Wavepiston with BlueInvest

Central to Wavepiston's operations is their offshore activities for the installation, operations and maintenance of the system, a realm coupled with elevated raw material costs. Using the BlueInvest Readiness Assistance programme, the company worked with a dedicated coach to seek out investors and expand their operations.

In collaboration with their coach, Wavepiston shifted their focus to developing a strategy to commercialise their product, rather than to only seek funding, showing their commitment to long-term success.

With the new approach, they have raised €4.4 million of equity, including through two equity crowdfunding campaigns.

Navigating the horizon ahead: Wavepiston's path to sustainable success

According to CEO Michael Henriksen, investors are currently more inclined to look for safer investments. Fundraising is now more difficult and time-consuming than last year, so Wavepiston’s current focus gravitates toward revenue generation, operational expansion, and increased turnover.

Their emphasis is on refining and commercialising their technology to attract investors. The capital raised was used to create a full-scale demonstration slated for installation in Gran Canaria for September 2023. Michael is confident that once the product gains market trust, it will be easier to garner support from investors aligned with the company’s vision.

Looking ahead, Wavepiston is considering showcasing their product at the next BlueInvest Day, scheduled for March 7, 2024, in Brussels, Belgium. Michael confirms their gradual approach, saying: "We are taking measured steps, and the next significant stride involves enlisting the right, strategic investors on this transformative journey."

Background

BlueInvest Readiness Assistance is an exclusive coaching programme for high potential EU start-ups and SMEs with innovative and sustainable products and solutions for the blue economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored specifically to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help start-ups and SMEs build capacities for growth and attract investment.

Interested? Discover how BlueInvest can help you by registering on the BlueInvest Community. For any questions, please reach out to lu_blueinvestpwc [dot] lu (lu_blueinvest[at]pwc[dot]lu)