Germany’s SINN Power has received a US$5.82 million investment from the Schweizer Kapital Global Impact Fund of Switzerland for use in developing its wave energy generating technology.
SINN Power’s wave energy converters are modular, with each module including a float the bobs up and down in the water, thus providing the kinetic motion required for energy production. Modules can be deployed by themselves, or in arrays.
The company already has small-scale installations in Greece and India, and announced in March it had signed a deal with aquaculture association Fazenda de Camarao to develop an installation off the coast of Sao Vicente, Portugal.
SINN Power said it will use the funding from Schweizer Kapital to bring its technology to market maturity, with a target set for 2022.
“Ttoday we won a new partner who is sharing a clear vision with us — moving toward courageous and visionary, to demonstrate the compatibility of ecology and economy in practice,” said Philipp Sinn, SINN Power founder. “As a valuable complement to our existing network of investors, the German government and our team, [Schweizer Kapital] takes us a big step closer towards this goal.”
HydroWorld.com reported in August that SINN Power had received $1.2 million in grants from the German Federal Ministry for Economic Affairs and Energy for research in advance of expanding a test site in Greece.
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