Ocean power is managing to float forward during the recession, thanks in large part to government programs and to a lesser extent, private funding. The latest example is 10-year-old wave power company Wavebob, with CEO Andrew Parish telling us this week that it’s raised €3 million ($4.4 million) in a mix of equity funding and grants. Parish views the funds as an interim round that will give the Maynooth, Ireland-based company some breathing room as it works to raise a larger one (Business & Leadership reported that Wavebob was seeking €25 million back in June).
The smaller round is “a reflection of the current climate,” Parish said. “We started the year with the ambition to raise a lot of money and realized it was going to be difficult and expensive.” WaveBob plans to start raising another round of roughly $20 million in the first quarter of next year, by which time Parish predicts fundraising conditions will improve. For one thing, he expects stimulus funding for marine power to start flowing next year.
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