Surge of investor interest in Danish wave power project  

2007.03.20
Following the EU Commission's decision to set binding targets for CO2 reductions, Copenhagen based wave power firm Wave Dragon is attracting a surge of interest from overseas investors
In the wake of the EU Commission's recent decision to set binding targets for CO2 reductions, Copenhagen based wave power firm Wave Dragon is attracting a surge of interest from overseas investors. The principal reason is that the company has reached the point in its development programme where it is now ready to establish a DKK 200 m (USD 36 m) wave power installation, not in local waters, but off the coast of Wales where the conditions for turning waves into watts are reputedly the best in Europe.
 
Wave Dragon is currently negotiating with five different venture companies on financing the project. DKK 85 m (USD 15 m) is already in the bag, which leaves DKK 115 m (USD 21 m) of financing opportunity. Hence the rising tide of interest from other investors keen to assess the potential of Wave Dragon's patented system.
 
Wave Dragon director Erik Friis-Madsen comments: "In two weeks time we are sending in our building application to the Crown Estate which owns the coastal waters around Wales where the installation will be sited. So far it has cost us DKK 5 m (USD 900,000) in external consultancy and has taken us 18 months to build, not counting all the free time we have put into the project. But whereas previously we have had to go looking for investors ourselves, now they are coming looking for us."
 
Wave Dragon has received enquiries from countries far and wide, including UK, Ireland, USA, Spain, Portugal, South Africa and China. The news is reported by Erhvervsbladet.
 
Link > Wave Dragon  

Next step

Explore business cases

Please contact me

Name
Company
E-mail
Phone
How can we help you?

IDK
We use cookies to make the website perform optimally. You accept cookies by closing the box or continuing to use the website. Click here to read more about cookies. ×