NoviOcean, a developer of wave power, has secured SEK 900K funding from Vinnova for the “Innovative Startups phase 2” programme.

With Vinnova’s support, NoviOcean will be able to further improve the design and function of its prototype wave energy converter (WEC) unit – NO1.

Furthermore, the company will also evaluate and connect with future potential suppliers as well as update its IP strategies and business plan.

“Moreover, a critical aspect of our work during the “Innovative Startups phase 2” project will be to focus on deepening our understanding of the market needs and improving our cost estimates. We will also focus on effective engagement with our partners and potential customers.”

Jan Skjoldhammer CEO and founder of Novige AB.

After testing the prototype for two weeks in the wave tank plus six weeks offshore, the company has gained invaluable insights on how it should tweak the PTO (Power Take Off) design for even better performance.

The prototype is now back at the test rig (built using a previous grant from Åforsk) at KTH Royal Institute of Technology. More dry tests are being planned to be performed under another project.