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"This is my third start-up and I see Wellington Partners as a true venture capitalist; they walk the talk and are one of the rare VCs in Europe that move fast and are willing to invest in new “home run” type technologies. As a wave energy pioneer, we are operating in a new, fast-growing market of renewable energy generation, a market with multibillion dollar potential. We are excited to have Wellington on our side, sharing our vision and drive to become the leading player in this new market."
David Crisp
CEO, Orecon
Wellington contact:
Bart Markus
The power of waves produces power
Orecon Limited is a wave energy device developer. After six years of developing their technology, the company based in the south west of the UK, has raised the funding to build and deploy a full-scale device and start the commercial roll-out of it’s devices. Orecon’s patented MRC (multi-resonant chambers) technology has addressed the problems encountered by other wave energy devices. The Orecon MRC uses multiple wave chambers of differing draughts integrated into a single buoy to produce a very efficient device with a rated power output of 1.5 MW. Purpose designed for the hostile offshore environment the MRC exploits engineering techniques from the oil and gas industry. The strength of Orecon’s technology proposition has drawn together a strong, syndicate of international VCs, UK-based Advent Ventures, US-based Venrock (Apple, Intel) and Scandinavian-based Northzone Ventures, to participate in the first financing round alongside Wellington Partners.
First investment: February 2008
Orecon Limited
2 Dreason
Bodmin Road,
Bodmin
Cornwall
PL30 4BG
