WAVEPISTON A/S

Company's own description on virk.dk

Description of key activities of the companyIn 2025 Wavepiston continued to develop, produce, and invest in innovative renewable energy solutions, with a dedicated focus on wave energy. We finalised the testing of our full-scale prototype and now have full focus on development and test of the commercial version of the Wavepiston system for the first commercial pilot farm. Technology DevelopmentThe development of our technology remains the primary focus of Wavepiston. We finalised the offshore test campaigns of the full-scale prototype in PLOCAN, Gran Canaria, preparing for next offshore test campaigns of the commercial version. We continue our development in our two strategic projects focusing on the commercial version of the Wavepiston energy collectors: COHSI-WEC, supported by EUDP SHY, supported by Horizon Europe The testing of the system components continued both in the lab, in the wave tank and offshore. We continue our intensive work on refining the numerical models, aka our digital twin. Together with the experimental data we increase our understanding of the system behaviour in various conditions, which is important for both technology development reaching the minimum viable product and project development of the commercial farms. Intellectual PropertyBesides our two granted patent families, we continued the process on getting four other patents granted (two of these were granted in Q1-2026). Based on feedback from our patent attorneys the other two also have a high likelihood of being granted. We continue to follow the strategy of broadening and extending the protection of Wavepiston's intellectual property rights. Commercial Development We continued to develop our commercial pilot farms, laying the foundation for commercialisation. Highest priority has been on Gran Canaria, Barbados and Martinique. And we have continued our discussions with potential partners in other locations. In Gran Canaria, Wavepiston started a collaboration with Bluenewables to initiate the permitting of the proposed deployment site on the north coast. The relationship with Export Barbados (BIDC) intensified during 2025, gearing towards a Memorandum of Understanding for a 50 MW commercial wave energy farm, which was signed in 2026. Wavepiston successfully applied for a grant from ADEME (The French Agency for Ecological Transition) to support Wavepiston’s wave data campaign in Martinique, together with the French partner CreOcean. The wave buoy deployment was installed in April 2026. Newly targeted markets include but are not limited to: Portugal, Suriname, Japan, Iceland and South Africa. The project proposal in collaboration with Ørsted was unfortunately rejected as the Danish government closed the Open-Door programme. Wind and wave co-location is still considered as a large potential for utility scale installations, and we continue to explore collaboration opportunities. The British government maintained its strategic focus on expanding renewable energy capacity with Contracts-for-Difference (CfD) remaining the primary support mechanism, although dedicated large-scale revenue support for wave energy was not introduced yet. In Allocation Round 7 (AR7), Pot 2 was assigned to emerging technologies which included - among others - tidal and wave energy with a total budget of 15 million GBP. Policy support for wave energy in 2025 therefore continued mainly through innovation, testing and demonstration programmes. Financials2025 was another year with focus on providing sufficient financial resources to advance our technological and commercial efforts. In March 2025, we welcomed a key strategic investor, The Blue Line B.V. The Blue Line is a Joint Venture of two investors: Connect the Drops B.V., a Dutch water related investment fund, and the Unknown Group B.V., a Dutch VC. Besides the investment of DKK 6.7 million (EUR 0.9 million), they bring valuable competences and network. In addition to equity, Wavepiston received DKK 4.7 million in public grants and a further DKK 1.4 million through R&D tax credits. In total, cash inflows of DKK 13.6 million in 2025. This funding enabled Wavepiston to strengthen its organisation and accelerate technology development and project execution. We hired 4 engineers and added outside support for our commercial and engineering activities in the autumn, increasing our fixed monthly gross burn. During the second half of the year, management pursued a balanced strategy focused on maintaining a healthy cash burn to preserve sufficient runway, while continuing to advance the technology and project milestones required to support Wavepiston’s next funding round. Operating costs in Denmark amounted to DKK 15.4 million in 2025, representing an 18% increase compared with 2024. Most of the costs occurred in Projects: DKK 11.4 million. This includes salaries, materials, external services (e.g. for engineering, using testing facilities and vessels for offshore operations). Non-project related costs amounted to DKK 4.0 million and included salaries and outsourced support functions, legal and accounting services, funding-related costs, and other administrative expenses. In addition, Wavepiston incurred costs of DKK 1.4 million related to activities in Gran Canaria, of which approximately 70% consisted of salary expenses. This resulted into a total cost of DKK 16.7 million. Looking at the important cost-types, salaries and outsourced support in Denmark amounted to DKK 8.9 million representing 57% of the costs in Denmark. Costs for materials, subcontractors and consultants added another DKK 3.8 million, while costs for patents amounted to DKK 0.2 million. Our cash position stands at DKK 6.3 million as of December 2025, excluding cash reserved for project partners. Material uncertainty related to going concernThe annual report is prepared on the assumption that Wavepiston will continue as a going concern. As described in Note 1, in May 2026 Wavepiston entered into an agreement with its bank for a credit facility which, together with existing cash resources, is expected to provide sufficient liquidity until around October 2026. We are in ongoing discussions with investors regarding additional longer-term financing, including a potential equity investment from a large institutional investor that is conditional on the participation of an external tech investor. No binding investment agreement has been finalised as of the date of approval of this annual report. As further set out in Note 1, these circumstances indicate the existence of a material uncertainty that may cast significant doubt on Wavepiston’s ability to continue as a going concern. However, based on the available bank facility, the status of investor negotiations and Wavepiston’s historical ability to raise capital, management considers the going concern assumption to be appropriate. OrganisationPer 31/12-2025 we were 11 full-time employees, 3 part-time employees and 3 freelancers in Wavepiston Denmark. In addition, we were 2 full-time employees in Wavepiston Gran Canaria. In 2025, we welcomed 4 new employees. We continue having a stable workforce and low employee turnover. Jan Otto Ooms was elected, and Torben Arnth Nielsen, Michael Henriksen and Anders Chr. Nordstrøm were re-elected to the board of directors. The board of directors constituted itself with Anders Chr. Nordstrøm as chairman. Communication and PRIn 2025 we participated in and presented at several conferences and events. The most important were: - Ocean Energy Europe - European Desalination Society (EDS) Conference - Ecoislas International Summit - Turquois X Summit - Bølgeenergi Dagen - Ocean Energy Systems Executive Meeting - International Desalination and Reuse Association (IDRA) Summit - EUFORES #IPM25 - EWTEC Conference (via our partners in the SHY project) - Folkemødet on Bornholm - German Safety Days There have been articles and features about Wavepiston in the following media: International media (podcasts, TV, online magazines) - https://www.offshore-energy.biz/ - https://siliconcanals.com/ - https://startuprise.co.uk/ - https://www.marinetechnologynews.com/ - https://bebeez.eu/ Danish media (podcasts, newspapers, online magazines) - https://www.sn.dk/ We continued the significant efforts in presenting and pitching to potential investors and partners, laying the foundation for future strategic investors and partnerships. We have kept a steady activity level on social media with 45 posts on LinkedIn where we currently have 5,913 followers, an increase of 1,030 followers in one year. Our YouTube account has reached 1,670 subscribers. We continue to participate in the work to influence politicians and authorities in ordaining more favourable policies for the development of wave energy, both directly and through our memberships in Ocean Energy Europe, Dansk Industri, Danish Partnership for Wave Power, Energy Cluster Denmark, and Cluster Marítimo de Canarias. In November 2025 we had meetings with Martin Engell-Rossen, Head of cabinet of commissioner Dan Jørgensen (Energy and Housing), and Miguel Garcia Jones, member of cabinet of commissioner Wopke Hoekstra (Climate Action), to highlight the importance of bringing wave energy on the European grids for increased European independence, security of supply and resilience. Physical follow up meetings were arranged for 2026. Plan for 2026 and onwards The latest developments with the crisis in the Strait of Hormuz, ongoing wars, hostile signals from overseas etc. have of course increased the market uncertainty but it also highlights the importance of security of supply, resilience, reduction of fossil fuel dependency, and increased investments in renewables. This supports our agenda on promoting wave energy as a strategic renewable energy source in the future energy mix. Funding wise we have full focus on getting strategic investors on board and we continue to exploit the opportunities on relevant public co-funding calls. In the technology development track, we continue to focus on the commercial version of the Wavepiston system (aka Minimum Viable Product) in our two publicly funded projects. Onshore testing continues in 2026, and we prepare for the offshore test planned for 2027. This will lay the foundation for the pilot farms to follow We continue working intensively on ensuring sites and agreements with partners for the pilot farm projects and continue following the developments in ocean energy around the world. In Q1 we signed an MOU with Barbados of up to 50MW, and we are in detailed discussions with the Gran Canaria government on an MOU of up to 20MW. Our plan for 2026 is to: Secure the required equity to ensure the going concern and scale up. This has top priority Keep a stable team and scale up the organisation after we have raised equityContinue the development and testing of the commercial version of the energy collector and prepare for offshore test Continue our project development for the first commercial pilot farms including securing funding and entering an agreement on the first pilot farm Continue expanding our network of partners and customers, including communication campaigns Zooming out on the world, 2025 have again brought challenges, uncertainties and volatility which have continued and even increased in 2026. We need to accept that these conditions is are more the rule than the exception. We need to work with them, be flexible and though the conditions are challenging, they can also be turned into assets, for instance to highlight the importance of investing in renewables, including new renewables like wave energy, for security of supply and resilience, and keep pushing on Bringing Wave Energy to the World!