Swedish renewable energy company Novige, renowned for its innovative hybrid energy converter (HEC), NoviOcean, is currently seeking financial support to scale its operations and integrate the technology into offshore wind farms.
The NoviOcean device merges wave energy, wind power, and offshore solar photovoltaics into one cohesive system, ensuring the generation of renewable energy even in the absence of sunlight and wind.
After winning the SEK 1 million (approximately $99,210) Startup4Climate award earlier this year, Novige is now focused on advancing the technology readiness level (TRL) of their NoviOcean device to the point of full-scale production.
Jan Skjoldhammer, CEO of NoviOcean, highlighted the unit’s capacity to power over 1,000 households daily by combining these three renewable energy sources.
Novige aims to secure €12 million through this funding initiative.
The gathered funds will facilitate the further development of the hybrid solution, which promises increased energy output and shared infrastructure costs when co-located with offshore wind farms, thus enhancing economic viability.
The firm plans to attract investors and partners interested in pioneering this scalable hybrid energy system.
Key to the NoviOcean’s efficiency is its modular design, which utilizes proven components that ease production, installation, and maintenance while having a minimal environmental impact.
The device features the innovative combination of wave energy, wind turbines, and solar panels on a single raft.
Each NoviOcean unit is 38 meters long and includes six vertical wind turbines generating 300 kW of power, complemented by solar panels producing between 50 to 80 kW, which together provide a total output of about 1 MW.
The expected capacity factor stands at 40%, indicating consistent energy production.
The setup allows for 15 wave power plants to operate within a single square kilometer, generating around 15 MW of electricity.
When combined with offshore wind turbines within the same area, the total energy output can reach up to 25 MW, made possible by shared use of sea space and subsea cables for electricity transmission, thus reducing overall costs.
Skjoldhammer commented on the innovative wave power plant’s design, which operates on the principle of a traditional garden pump.
As the raft is lifted by wave action, water is pumped into a Pelton turbine, reaching high speeds to generate electricity.
Novige’s approach demonstrates the potential of hybrid renewable energy solutions.
Their full-sized device leverages the collective power of wave, wind, and solar energy, designed to operate for over 40 years.
By creating a shared structure, moorings, and subsea cables, the system simplifies infrastructure requirements and reduces costs, making it an attractive investment for companies seeking sustainable power generation solutions.
Testing has been a critical part of NoviOcean’s development journey.
The technology has been validated in wave pools and real-world environments, including a small working version tested near Stockholm.
The company now plans to launch a full-scale pilot project, searching for suitable sites with sufficient wave activity, such as the coasts of North and South America, to further showcase the system’s capabilities.
While the potential of the NoviOcean device is substantial, obtaining the necessary funding remains a challenge.
The company has already secured significant financial support, including SEK 30 million in grants from the EU and Sweden and a green loan from Almi.
The recent Startup4Climate win adds to this financial momentum, but additional funding and partnerships with wind power companies are necessary to bring this groundbreaking technology to a broader market.