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PHYSICAL: Danish cleantech startup makes wave energy competitive - SPRINGBOARD®

  • 20 Sep 2022
  • 14:00 - 17:00
  • Dansk Industri, kl 14:00 til 17:00 pa H. C. Andersens Boulevard 18, 1553 København V
  • 14

Registration

  • Signup deadline: September 13 2022
  • Signup deadline: September 13 2022
Registration is closed


Introduction to SPRINGBOARD®

The company has developed a very promising technology to harvest the energy from waves, both for electricity production and desalination of sea water (producing freshwater). Wave energy has a huge potential, it’s a stable resource and is very predictable, complementing wind and solar energy. The technology is protected by a broad, conceptual patent. It has been tested and verified from small scale pilot to a prototype in the North Sea, and the company is now preparing the first full-scale installation in the Atlantic Ocean off the coast of Gran Canaria to be in operation by Q2-2023.

Questions for sparring

  • Commercialisation

  • How to commercialise the product? A company with a limited track record. High up-front, long-term investment for the customer (project developer / utility / operator) in a market that requires long-term guarantees.
  • Long-term business model is to be technology providers delivering turn-key solutions paid by the installed capacity and operations & maintenance during the lifetime of the system.
  • How to enter strategic partnerships with key industrial players?

  • Financing the journey

  • Getting the right type of investors at the right time. Currently raising minimum EUR 2m of equity. An ongoing process as we reach milestones.
  • Working in the ocean energy sector the investments increase a lot as we go to large-scale and prepare for commercialisation.

Industry: Energy

Development stage: Proof-of-Concept

Region: Copenhagen

Competencies required:

  • B2B
  • B2G
  • Finance & investments
  • Business modelling
  • Business Development
  • Partnerships
  • Production


This SPRINGBOARD® will be held in Danish


Product / Solution

The wave energy system is a hydraulic system converting the energy in the waves to pressurised seawater. This can be used to convert to electricity and for desalination of the seawater.

Status

Ongoing project on testing and demonstrating the first full-scale system, to be installed in the Atlantic Ocean off the coast of Gran Canaria by Q2-2023. In parallel we are preparing the commercialisation phase, first to install a pre-commercial system by 2025/26, later to be extended to a commercial system in 2027/28.

Perspectives

Market size on new renewable capacity: EUR 330Bn/year.

Market size on new desalination capacity: EUR 16Bn/year.

Both markets are expected to be in exponential growth the coming years.

Step wise commercialisation strategy:

Step 1: Islands, remote coastal communities, resorts etc.:
- Market size replacing diesel: EUR 22Bn.
- Markets size new capacity desalinaton: EUR 6Bn

Step 2: The utility scale market, complementing wind and solar power farms. With a TAM of over EUR 300Bn and still expanding, SAM of EUR 20Bn, we expect a SOM of EUR 4Bn.

Customers

Project developers and public/private utility owners.

Team

We have a team of 8 full-time employees in Denmark and 3 in Spain. We also use freelancers for specific tasks and collaborate with universities and stakeholders in the value chain.

A – CEO and Co-founder (M.Sc. Economics and Business Administration), with the company since 2014. 15 years in the financial industry managing large, international projects in various organisations, across cultures and management levels. Has previously been involved in 3 and responsible for 2 start-up companies.
B – CTO (M.Sc. Electrical Engineering), with the company since 2020. > 20 years’ experience in R&D, management and consulting within multiple industries. Has previously been co-founder and technical director in the first manufacturer of customized photovoltaic, and responsible for 2 other start-up companies.
C – Lead Engineer and Co-founder (M.Sc./Ph.D. Mechanical Engineering), working with the company since 2008. > 10 years in the offshore business. > 20 years with development of new products. Patent expert. 12 years in wave energy.
D – Chief Specialist and Co-founder, working with the company since 2008. 16 years with development of new products. Experienced CAD user and expert in visualisation.

Finance

Currently raising minimum EUR 2m.

Funding raised 2019 – 2022:

Grants, EUR 6m

Partners, EUR 0.7m

Equity, EUR 2.4m



CONNECT Denmark — Bryghuspladsen 8, 3. sal, 1473 København K — Telefon: +45 27 28 17 86 — E-mail: connect@connectdenmark.com — Sociale platforme:
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