International Partner Search

Innovation & Technology Offer

A Portuguese university spin-off company is looking for a joint venture agreement with a partner in order to take a wave energy converter to the commercialization stage.

Country of Origin: Portugal
Reference Number: TOPT20170727001
Publication Date: 27 July 2017

Summary

The Portuguese university spin off company developed a wave energy converter and wants to take it to the commercialization stage. This innovative design possesses a mature power take-off, a competitive cost of energy has been patented in 2010 with a sponsorship from the university. These facts in combination with prospective demonstration activities to be carried out by a joint venture with a North European industry/finantial partner may lead to an attractive business opportunity in clean tech.

Description

This Portuguese spin off company is seeking for a joint venture agreement with a North European, namely from Ireland, industry/finantial partner willing to invest in an innovative and intrinsically robust design of a wave energy converter, with a mature power take-off and a competitive cost of energy. It was already patented in 2010 with a sponsorship from the university. Those characteristics combined with the demonstration activities to be performed by the joint venture foresees an attractive business opportunity. 

Ideally, the partner should have some experience in the offshore industry (oil&gas or manufacture of air turbines or mooring systems) and the availability to seed-fund 1000 k€. The company proposes that a pre-money valuation of 25M€ may be agreed upon, to guarantee a strong alignment of efforts and objectives between the management team and institutional investors, in order to define an equity share. This valuation has been based on a weighted average of the investment already executed by the company team, the discounted cash flow estimations for a 33 year period and the possible replication cost for a 3rd party entity.

Advantages and Innovations

This innovative design (all the moving parts are enclosed and has the possibility of submergence under rough weather conditions) possesses a mature power take-off (Wells turbine at TRL8), a competitive cost of energy (maximum energy extraction by ballast adjustment to incoming waves), and has been patented in 2010 with a sponsorship from university.

Stage Of Development

Under development/lab tested

Stage Of Development Comment

The company as a whole is at a stage of development corresponding to Technological Readiness Level 5. However, some components such as power take-off (Wells turbine) is already at TRL8.

Requested partner

The Portuguese partner is looking for a north European industrial / finantial partner in order to establish a joint venture agreement. The partner should have some experience in offshore industry and willing to invest in this innovative project of a wave energy converter.

Dissemination Countries

Belgium, Switzerland, Germany, France, Ireland, Luxembourg, Netherlands, United Kingdom