Havkraft AS, a Måløy, Norway-based wave power company, has raised seed funding of undisclosed amount from Fjord Invest.
The investment will enable the company to industrialize its patented technology, which is designed to produce renewable electricity from ocean waves. In order to further develop its technology, which is still in an early phase, Havkraft also received support both from Innovasjon Norge og Inkubator Vest.
The next step is to conduct advanced computer analysis and testing in Stadt Towing Tank’s facility near Måløy.
Led by CEO and founder Geir Arne Solheim, the company aims to have a prototype in the sea within two years, and a commercial wave power plant in operation by 2015.