UK wave energy spin-out raises $24 million

Funding round completed

ORECon Ltd, which is developing a wave energy device raised $24 million in a first round funding led by Advent Venture Partners with Venrock Ventures, Wellington Partners and Northzone Ventures.

The money will enable the company to build and deploy a full-scale device, then move on to roll out its technology commercially.

After six years of R&D ORECon, a spin-out from a postgraduate project at the University of Plymouth, says its patented MRC (multi-resonant chambers) technology overcomes the problems encountered by other wave energy devices. The device features multiple wave chambers of differing draughts integrated into a single buoy to produce a very efficient device with a power output of 1.5 MW.

Exploiting engineering techniques from the oil and gas industry, the system has a minimum of moving parts, none of which is below the water surface, enabling it to be permanently deployed and maintained on site.

David Crisp, CEO said, “We are delighted to have secured backing from top-tier VC investors. Assembling a syndicate like this is a huge endorsement of the strength of our technology and our anticipated growth. The funding will enable us to aggressively exploit our patented technology and position it as a viable competitor to fossil fuel generation.”

Peter Baines, General Partner, Advent Ventures said, “ORECon is that rare breed – a combination of an exciting vision for the future, an innovative technology and an experienced entrepreneurial team to turn this vision into reality.”