Enel backs local wave
Together with Invitalia Ventures €2.25m invested in 40South Energy
Enel Green Power and Italian start-up Invitalia Ventures have invested a combined €2.25m in local wave company 40South Energy.
The investment round will help 40South Energy develop its technology and start commercialising its H24 device this year, Invitalia said.
The H24 wave and tidal converter targets nearshore installations at depths of five to12 metres, in contrast with the larger 200kW R115 machines designed for deeper waters.
Italian government-owned Invitalia and Enel have invested equal amounts in this round.
“The investment made from Enel Green Power and Invitalia Ventures comes at a turning point for 40South Energy Italy, in which the prototype stage of the H24 machine is about to terminate and the commercialization of the first products is about to start,” 40South chief executive Michele Grassi said.
“We have recently sold to Enel Green Power the first energy wave conversion machine that is already in place in Marina di Pisa.”