VCs hang $24m on ORECon wave energy bet

Wave energy, long harnessed by bleached blonde surfer dudes, is now being harnessed by the money men. Wave energy device developer ORECon has secured $24m of funding from an assortment of VC funds, led by Advent Venture Partners.

ORECon has patented a wave energy device and it works like this:

The ORECon MRC [Multi Resonant Chambers] uses multiple wave chambers of differing draughts integrated into a single buoy to produce a very efficient device with high power output of 1.5 MW. Purpose designed for the hostile offshore environment and exploiting engineering techniques from the oil and gas industry, the system has a minimum of moving parts, none of which are below the water surface enabling it to be permanently deployed and maintained on site.

The VC’s $24m will enable ORECon to build and install its first full scale device before rolling it out commercially.

David Crisp, CEO of ORECon reckons:

“The funding will enable us to aggressively exploit our patented technology and position it as a viable competitor to fossil fuel generation.”