16 May, 2018

Consortium & Investors

Funding/Knowledge/Industrial Partners and Investors

We are actively working on establishing and maintaining partnerships and relationships with major industrial companies, relevant knowledge institutions, funding organizations and investors, as well as private investors and philanthropists.

Funding Partners, Incubators, & Private Investors

With regards to business development and early financing, NoviOcean has followed two key strategy paths that can be described as quite natural for an entrepreneur founded startup:

A) To receive coaching, business development support, and IP strategy support from incubators and business/innovation support organizations

B) To maximize the leverage of the founder's startup capital by applying for funds from research and innovation funding organizations and institutions as well as welcoming private funds and encouraging philanthropists to join our endeavor.

Both strategy paths have thus far been successful and aside from sound advice and funds received, we truly view it as a testament to the validity of the NoviOcean concept and team. We have so far received grants from The Swedish Energy Agency, Vinnova, Region Västmanland, and Åforsk (the Foundation of consultancy firm ÅF) which has granted us a rather large sum for further testing and research on our concept at KTH Royal Institute of Technology and Uppsala University. Given that their board consists of members from the Royal Academy of Sciences and Swedish energy companies, we are especially grateful for their acknowledgment of what we do.

We openly welcome philanthropists into our team. If you have the same passion and drive to be part of a major change in lowering fossil emissions by extracting immense, clean, and renewable power from our oceans, we invite you to assist us in our exciting journey. Anyone helping us this way will be seen upon as part of the team, being with us all the way in every step of the development. For us, there is nothing more meaningful than to provide future climate safety for our children and grandchildren. By joining us, you can be one of the people who shape such a future, and at the same time possibly one of the very few receiving all the respect when this grows immensely to the best of the planet.

If you are one of the above, or if for whatever reason you would like to use a representative of the funding organizations or incubators that we work with as reference for your evaluation of NoviOcean, please just contact us and we will provide you with all the information and contact details necessary.

Academic & Knowledge Partners

Aside from thousands of “inhouse hours”, Novige AB have to date invested considerable funds on hiring some of the best external consultants available to conduct very extensive numerical simulations and FEM, CAE & CFD-analyses covering all aspects of the NoviOcean WEC system. Moreover, in 2020, Novige AB was granted valuable advisory/support services from the Marine Energy Alliance (MEA) consortium regarding technology potential level (TPL) assessment and technology development plan, as well as additional numerical modeling.

We have also partnered up with representatives for many of the most highly regarded Universities in Sweden. These partnerships span from sponsored Ph.D. level projects, to master thesis projects and bachelor level projects. Aside from purely academic projects, we do also provide payed internship projects.

If you are a student, or a representative of academia, and would like to engage in a challenging and meaningful work in order to lower the climate impacts associated with satisfying the worlds need for energy,  you are very welcome to contact us. If your institution has not been represented here, you can be that brave person who takes the first step!

If you represent a knowledge company that could potentially fit in the NoviOcean knowledge network, please don't hesitate to contact us.

Industrial Partners

A core design philosophy behind the NoviOcean system is to rely as much as possible on industrially mature components, subsystems and materials since this both ensures a highly reliable and predictable supply chain, and access to strong service networks. Therefore, we are actively developing and looking to form new partnerships with relevant industrial companies.

If you represent a company that you think could potentially fit in the NoviOcean supply chain, knowledge chain or value chain, please don't hesitate to contact us.

Full disclaimer: at the root, Novige AB is an entrepreneur funded startup and as such we might not be able to generate large cash flows for your business today. But we do truly believe that the effort of securing a place in our value chain today in relation to the potential payoff in just a few years' time represents a risk reward ratio that only few companies have the chance to encounter.

Our Plan Forward

After the testing and validation of the prototype in late 2019 and early 2020, 2020-22 will be also devoted to design and improvements, 2023 to construction, 2024 to certification, testing and validation, and 2025/26 for the first commercial array. We are carefully following the best practices for development of wave energy devices according to the five-stage reference system promoted and used throughout the industry.

The total cost for construction, transport, deployment, and testing of the NO500 will be in the range of 5 MEUR. If compared to any other wave power concept, such cost levels might seem almost unbelievable! We claim however that this initial cost gives a clear indication of how future costs will be. Low priced during the development means probably low CapEx in the future, and vice versa. The explanation lays in many factors, such as the high efficiency of the PTO, few and well-proven parts, very low weight compared to output, as well as simple transport and deployment. We believe we are onto something big... potentially very BIG!

The total funding amount that we have received so far is about 2.4 MSEK from seven different organizations. These grants are being used either directly by Novige AB or through universities for research and development of the NoviOcean WEC. We are currently in the process of opening an office in Wales to pace up our development and to utilize numerous initiatives and investment opportunities, as well as an excellent supply chain in the area, stemming from the very positive interest of the UK authorities/industries towards Marine Energy.

We will continue applying for various grants in the coming months and years, both Nordic and from the EU. When we have the approvals in 2020, we will have an even better picture of future costs and we will want to attract private capital and/or regional support to cover the difference. That money, probably only 1-2.5 MEUR will be used gradually during the next two/three years and will most likely have a risk-reward ratio most investors very seldom come across. It should be noted that as of now, the founder is the sole shareholder of Novige AB.

As soon as the NO500 is tested and has validated our numerical analysis, we will invite onboard several large industrial companies with a global network, which is what we want and need to partner with, to expand globally at a high pace. This, combined with low priced licensing and part-production at local shipyards around the globe, is what is needed to make a major global impact in helping to limit/reduce the GHG emissions by the energy sector.

Moreover, as we can also produce and store hydrogen onsite, (probably without any utility taxes on electricity, as on land), the large oil companies will be relevant since this can help them sell liquid hydrogen as a fuel source of a sustainable future scenario.

We see ourselves having one main global industrial partner; however, we will also partner with others by means of very priceworthy licensing, so that various partners will have their main geographical area covered. In this way, we will have our product deployed worldwide at a fast pace, for the best of the environment.

Thanks to our design philosophy of relying on industrially mature components and subsystems and our strategy of forming strong partnerships with large industrial companies, we expect that the capital needed to scale up production to hundreds or even thousands of units per year should be very moderate compared to most similar undertakings.

If you or the organization/institution you represent can see yourself/selves aligning with our vision, are curious for more details about our concept or its projected value potential, please don't hesitate to contact us in 2020 when pilot testing is complete. We have lots of data and information available to back up our ambitious plans and statements. However, we are not currently planning to go public at too fast a rate.