Resen Waves Raises $1.3 Mln Capital

Danish renewable energy technology company Resen Waves said it has raised £1 million (roughly $1.3 million) capital through West Hill Capital.

The company, which has developed a standalone small-scale wave energy device called the Resen Waves Power Buoy, said the new capital will be used to establish sales and marketing operations in Aberdeen focused on the offshore oil and gas sector as well as to further research and product development in Denmark.

Resen Waves founder and CEO, Per Resen Steenstrup, said, “Our initial target market is the $6 billion offshore oil and gas decommissioning industry but our eventual aim is to replace polluting diesel generation in off-grid coastal communities and form part of the 100GW wave and tidal capacity targeted by the EU by 2050.”

U.K. tax-resident investors in the new shares will benefit from tax reliefs under the U.K.’s Enterprise Investment Scheme (EIS).