40South Energy Italia Srl, a Pisa, Italy-based renewable energy company, closed a €2.25m funding round.
Backers included Invitalia Ventures and Enel Green Power.
The company intends to use the funds to develop the technology and start with commercialization of its machine in 2017.
Established in 2007 by Michele Grassi, 40South Energy Italy produces energy from the ocean waves thanks to patented and scalable technology with high average capacity, low environmental and zero visual impact.
The company has designed two wave energy converters associated to a common powertrain, which can transform the energy from ocean waves.
The technology can be managed without the needs of specific vessels and machines can be set-up in isolated place on the sea and close to some islands.