Norwegian Holding co invests $10m in Seabased AB, oceanwave energy

A newly formed Norwegian holding company has taken a majority stake in Swedish ocean wave energy company Seabased AB and committed to invest $10m into the business this year. Seabased Holding AS (SHAS) has acquired 1.2m preferred A shares of Seabased stock from Leijon Engineering AB, equivalent to 50.25% voting stake. SHAS plans to invest $6m during the first half of the year with an additional $4m in the next 6mths. This transaction is expected to provide Seabased with the financial resources to attract further business opportunities within the Renewable Ocean Energy sector. The global potential for energy, using the Company’s technology amounts to 3GW, equivalent to 18k-TWh p.a.

Norway-based Seabased Holding has taken a majority stake in Swedish wave developer Seabased.



The holding company has committed to initially invest $10m in Seabased during 2016, with $6m designated for the first half of the year.

Seabased is exploring moving the headquarters from Uppsala to Lysekil on the west coast of Sweden.“We are excited to be a part of a growth company in its commercialisation phase based on technology from Uppsala University, and with production facilities in Lysekil,” said Seabased Holding chairman Oivind Magnussen."Our vision is to build a strong Nordic global energy company building on the foundation laid by the outstanding team of Seabased. We will contribute on the financing side and in working with Norwegian offshore technology to aid the installations and maintenance teams in Sweden," he added.Seabased will hold an Extra General Shareholders Meeting in order to appoint a new board of directors and to approve the moving of the head office from Uppsala to Lysekil.