Wedoany.com Report on Jan 31st, The Swedish marine energy company Marine Harvesting Technology has announced a financing plan, aiming to raise €1 million through a share issuance to support the research, development, and prototype testing of its wave energy converter technology. The timeline for this plan is set between 2026 and 2027.

This €1 million funding will be primarily allocated to key areas such as personnel allocation, external engineering collaborations, prototype equipment manufacturing, and intellectual property management. The company's CEO, Mikael Sidenmark, stated: "We welcome new investors and partners to work together to transform marine energy into cost-effective, stable, reliable, and grid-ready electricity."

The core product of this fundraising focus is the InfinityWEC wave energy converter, a technology developed based on multiple collaborative projects funded by the European Union. Sidenmark emphasized: "During 2026-2027, we will demonstrate the excellent performance and commercial potential of our InfinityWEC wave energy converter. The focus will be on the construction and validation of full-scale systems, power take-off units, and buoy prototypes, as well as preparations for offshore testing and business expansion."

The design of this wave energy converter follows circular economy principles, emphasizing material efficiency and environmental friendliness, with a structure conducive to scalable production and offshore deployment. This €1 million fundraising campaign aims to accelerate the progress of this marine renewable energy technology from engineering validation to commercial application.