SEABASED PLANS MANUFACTURING FACILITIES IN BREVIK, NORWAY

Seabased is planning to establish production facilities in Brevik, Norway. The Brevik facility will build and test Wave Energy Converters (WECs) that will be part of several upcoming projects, including a 100 MW installment off the coast of Ada, in Ghana, that may be the world’s first utility-scale commercial wave park.

Seabased has also agreed to provide wave energy converters for projects in Sri Lanka and the Canary Islands, and is in late stage negotiations for projects around the world, including the Caribbean, Mediterranean, Indian Ocean, and Southeast Asia. The company is equity crowdfunding through 19 May on the Nordic platform Invesdor. The company hit 100 percent of its mark 3 May, but investments continue to flow in.

 “We are very excited about this factory,” said Ove Almås, vice president of production who will head the manufacturing facilities in both Sweden and Norway. “Deep harbor access in Brevik is something we can’t find on the west coast of Sweden near Lysekil. Norway has significant expertise in offshore energy and subsea industries. Swedish industry experience pairs well with that.”

 Seabased CEO Øivind Magnussen pointed out that Seabased is contributing to the “Green Shift,” the movement of the Norwegian economy from oil to more renewable, sustainable industries. “We intend to be a significant player in the emerging Blue Economy, both in Sweden and Norway,” Magnussen said. “The Blue Economy Finance Principles for responsible investment stipulate that investments going forward should, essentially, benefit people, planet and profit, which is the motto of Seabased. Both Sweden and Norway are countries deeply committed to protecting the environment and the oceans and both have reputations for excellence in engineering and design.”

 Seabased Team members just returned from surveying and discussions with their future partners in Ghana and the Ghanaian grid company GRIDCO and that contract is moving forward. Once financing is in place, the Brevik production facility hopes to hire up to 120 workers in the first 12-to-24 months.

Seabased is a global leader in the growing wave energy market with a patented turnkey technology that delivers renewable energy from ocean waves straight to the grid.