40 South Energy
closedWave and tidal energy conversion for commercial energy production.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
* | €2.3m | Early VC | |
| Total Funding | 000k | ||
40 South Energy operates in the renewable energy sector, specializing in converting ocean wave energy into electricity through patented, scalable technology. The company was conceptualized in 2005 by mathematician and CEO, Dr. Michele Grassi, who, after studying in Pisa, the UK, and the US, founded the company in 2008 with offices in London, UK, and Pisa, Italy. The firm's funding has primarily been sourced from private investment, supplemented by a loan from Monte dei Paschi di Siena bank in 2010 and a significant funding round of €2.25 million in 2017 from Invitalia Ventures and Enel Green Power.
The business model focuses on selling wave energy converter (WEC) units directly to clients. These clients include large utility companies, such as Enel Green Power, and entities in isolated locations like island communities and resorts that are seeking alternatives to diesel, solar, or wind power. The company's first commercial sale of its R115/200kW machine was to Enel Green Power in 2012, and by 2013, it was producing electricity commercially. In 2018, the company supplied the first electricity generated from waves to the Italian national grid.
40 South Energy has developed two main types of WECs: the H-type for near-shore, shallow water applications and the R-type for offshore installations. These machines are designed to be fully submerged, which minimizes visual and environmental impact. A key feature is their ability to dynamically adjust their depth in real-time to adapt to changing sea conditions, ensuring continuous energy production and survivability during storms. This adaptability allows the machines to be deployed globally without needing to be tailored to specific wave climates. For instance, the H24/25kW model is priced at €60,000, while the R115/200 kW model costs €400,000. At the end of 2016, the Italian entity, 40South Energy Italia SRL, acquired the intellectual property for the H24 concept and was later renamed H24wave to reflect its focused mission.
Keywords: wave energy, renewable energy, wave energy converter, electricity generation, marine energy, offshore energy, near-shore energy, submerged turbine, clean technology, sustainable energy