When Wavepiston first contacted Generous Minds in October 2022, their potential was immediately apparent. Led by CEO Michael Henriksen, the company had developed a patented ‘force balancing’ concept that significantly reduces the load on anchors, resulting in a lightweight, cost-effective system that remains fully submerged with barely noticeable impact.

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In the video below, CEO Micheal Henriksen explains how the Wavepiston concept works in practice.

Despite this promising technology, Wavepiston faced significant financing challenges. Wave energy is often seen as a high-risk sector by investors, requiring significant capital to move from pilot to commercial deployment. The company needed approximately €42 million, spread over multiple investment rounds between 2023-2028, to realize their vision of wave energy globally.

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“It quickly became clear that Wavepiston was a potential game-changer that could transform the world of renewable energy, but we also knew that finding funding would be one of our biggest challenges.”

– The Generous Minds Money team

What started as a low-threshold collaboration quickly grew into a long-term partnership. Generous Minds, recognizing the transformative potential of Wavepiston’s technology, entered into an exclusive agreement for the period 2023-2028, with us taking on all financing activities.

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The Generous Minds Money team—with Ronald Beuk, Jurek Hryniuk and Brian Kwakman—worked in parallel on multiple funding scenarios, using an integrated-capital approach to find both short- and long-term financing for this high-risk but high-potential project. While navigating the complex investment landscape, a list of potential investors interested in wave energy technologies was compiled.

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In this phase, Generous Minds worked closely with Wavepiston to sharpen their investor pitch. We highlighted the unique dual benefit of their system: the combination of clean electricity and fresh water. This differentiating value proposition made Wavepiston extra interesting, especially for coastal regions that face both challenges.

A defining moment in Wavepiston’s development was the successful installation of their enhanced energy collectors at the PLOCAN test site in Gran Canaria. This third generation of energy collectors represented a significant technological advance, applying lessons learned from previous installations to improve performance and reliability.

The installation of the first energy collector in early 2024 was a breakthrough that marked the transition of Wavepiston from theoretical potential to demonstrable results. These field tests provided the all-important validation of the technology in offshore conditions, generating valuable experimental data that would prove essential in discussions with potential investors.

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See the Wavepiston Module live in action below!

After 2.5 years of collaboration, a major success was achieved: a financing round totaling €1.87 million for Wavepiston—a crucial milestone that validated both the technology and our strategic approach.

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The financing consisted of:

• Via the crowdfunding platform Seedrs

• Part of a Canadian investor

• And a large part of the Dutch investment fund The Blue Line, consisting of Jan Otto Ooms' Connect the Drops and the Unknown Group

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This breakthrough was made possible by Generous Minds' extensive network in the world of impact investments. Of particular importance was the introduction to Jan Otto Ooms, founder of Connect the Drops, via Generous Minds expert Jacco de Haan.

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"Innovation and sustainability go hand in hand . By using wave energy to produce clean drinking water, we are taking an important step towards a future in which renewable energy and water security come together."

– Jan Otto Ooms, founder of Connect the Drops

With this funding, Wavepiston can now accelerate its work on larger offshore projects in Barbados, Gran Canaria and Martinique. These locations are ideal for Wavepiston’s technology, with both good wave conditions and communities that benefit from sustainable energy and water solutions.

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The Wavepiston system offers several advantages that make it particularly valuable in these areas:

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• A design that remains completely submerged, without visual disruption to coastlines

• A scalable, modular approach that allows for adaptation to local circumstances

• The unique ability to produce both electricity and fresh water

• A complement to other sustainable energy sources, by supplying energy when sun and wind are not available

The successful financing round represents more than just capital—it demonstrates growing confidence in the potential of wave energy and Wavepiston’s unique approach.

Generous Minds and Wavepiston are already preparing the next large financing rounds, with a target of €20-40 million for full commercial rollout. With a large number of interested investors in sight, we are confident that we can attract the necessary capital to bring Wavepiston’s technology to global markets.

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"Working with Generous Minds is a real pleasure. They are a team of passionate people with their hearts and minds in the right place, who really want to make a positive impact in the world."

– Michael Henriksen, CEO of Wavepiston

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For coastal communities worldwide, Wavepiston's technology offers tremendous opportunities—an environmentally friendly alternative to traditional energy sources that simultaneously contributes to the availability of fresh water.

Generous Minds’ support, combining strategic expertise with access to impact-oriented capital, has proven to be successful in closing this important bridge round. By applying our long-term Integrated Capital approach, combined with our no-value-no-pay and fair-pricing principles, we demonstrate how patient, targeted support can contribute to the realization of world-changing technologies.

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As Wavepiston continues to grow, this partnership stands as a powerful example of how Minds & Money can work together to solve some of the biggest challenges of our time.