Schweizer Kapital Global Impact Fund of Switzerland has invested €4.7m in German wave outfit SINN Power to allow the Bavarian company develop its technology.
The developer based in Gauting near Munich said the cash injection would help enable it to bring its wave technology to market maturity in 2022.
To do so, SINN Power will implement wave energy converter projects to illustrate the potential of wave as an alternative to diesel generators on remote coasts.
Schweizer Kapital Global Impact Fund founder Umut Ertan said: “SINN Power has a clear goal, a passion for innovation, and a highly motivated and talented team.
“Based on this combination, we are convinced that our investment will enable the wave energy converter to reach market maturity.”
SINN Power chief executive Philipp Sinn added: “With Umut Ertan, today we won a new partner who is sharing a clear vision with us: moving forward courageous and visionary, to demonstrate the compatibility of ecology and economy in practice.”
Image: Philipp Sinn (centre-left) and Umut Ertan (centre-right)