The tides are turning for wave energy
We’ve never had more sustainable energy generated on Earth than we have now — but at the same time, the need for more of it has never been so acute. Between the net-zero goals of corporates and nation-states and the increasingly power-hungry data centres that are catering to the generative AI craze of today, new ways of producing green electricity couldn’t be coming quickly enough.
One up-and-coming source of such energy appears to be nuclear fission. This week, we saw Google signing a deal with the nuclear power startup Kairos to purchase energy from several small modular reactors (SMRs) that are to be deployed in the US between 2030 and 2035. Closer to home, EU ministers have just agreed to support nuclear energy for the first time, overcoming decades-long divisions between member states.
These developments could get us somewhat sorted with green, low-emission energy in the long run. But how about actual sustainable power?
On this front, we have a relative newcomer, at least in terms of its perception by investors — that’s wave energy. Although the idea of harnessing waves to produce electricity has been around for a long time, it seems like it’s finally starting to gain traction.
One of the industry pioneers, Sweden-based CorPower, raised €32mn this week in the biggest funding round for this cleantech segment. This can be a path to a bright future for the energy source that could potentially power the entire planet.
Check out this feature by our reporter Si?n Geschwindt, who looked at the industry landscape to answer the 15 trillion watt question:
?? “In an industry haunted by the ghosts of failed projects, wasted ideas, and bankrupt ventures,?has wave energy finally found its golden buoy?”
Andrii Degeler Head of Media, TNW
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What else we’re writing about
??? In this week's podcast, we interview Anita Schj?ll Abildgaard, co-founder and CEO at Iris.ai. Anita and Andrii talk about the company's pivots, as well as the future of academic publishing, the prospects of generative AI, the inconvenience of chat interfaces, and much more.
?? Founders Factory and Rio Tinto launched the Mining Tech Accelerator. The metals giant seeks to meet demand for lithium, copper, and other materials critical to the clean transition.
?? Stockholm-based node.vc closed a €71mn fund to back early-stage startups in the Nordics. The VC firm aims to help founders accelerate growth and 'remove roadblocks.'
??? These are the tech startups shaking up construction in Europe. From digital legos to robots laying bricks.?
?? Munich-based startup OroraTech secured €25mn in funding to scale up its AI-powered wildfire detection system.
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