1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in the European Union that are developing innovative technologies. This program provides financial support in the form of grants and equity investments, aiming to help these companies scale their operations and bring groundbreaking solutions to market.
Financial Support Structure
The EIC Accelerator offers a two-tier funding approach:
Purpose of the EIC Accelerator
The primary purpose of the EIC Accelerator is to foster innovation in the European DeepTech and startup ecosystem. By providing financial resources and strategic support, the program aims to bridge the gap between the initial stages of technology development and the commercialization of innovative products. It plays a critical role in enhancing the competitiveness of European startups on the global stage, facilitating access to larger markets and private sector funding.
Role in Scaling Companies
The EIC Accelerator acts as a catalyst for growth by not only providing financial assistance but also by connecting companies with a network of investors, mentors, and industry experts. This ecosystem enables startups to refine their business models, enhance their market strategies, and ultimately attract additional private sector funding. By validating the innovative potential of awarded projects, the EIC Accelerator helps companies gain credibility and visibility in the marketplace.
EIC Accelerator Winner: Ocean Oasis AS
Project Overview: ReWater
Ocean Oasis AS, a Norwegian company, was awarded funding under the EIC Accelerator for its project titled ReWater. The project focuses on offshore renewable energy and the clean desalination of seawater, addressing critical challenges related to water scarcity and sustainable energy production.
Technology Basics and Background
The ReWater project leverages innovative technologies to harness renewable energy sources, such as wind and solar, to power desalination processes. This approach significantly reduces the carbon footprint typically associated with traditional desalination methods, which often rely on fossil fuels. The technology operates by using renewable energy to drive desalination units located offshore, allowing for the extraction of freshwater from seawater while minimizing environmental impact.
The desalination process employed by ReWater involves advanced reverse osmosis techniques that efficiently remove salt and other impurities from seawater. By situating these units offshore, Ocean Oasis AS can utilize the abundant energy from wind and solar resources available at sea, thus ensuring a sustainable and efficient operation.
The project positions itself at the intersection of two pressing global challenges: the urgent need for clean water in arid regions and the transition towards renewable energy sources. By providing a scalable solution for desalination powered by renewable energy, ReWater not only aims to alleviate water scarcity but also promotes sustainable practices that align with European and global environmental goals.
In summary, the EIC Accelerator serves as a vital instrument in nurturing innovative solutions like Ocean Oasis AS's ReWater project, enabling companies to address critical societal challenges while promoting sustainable growth and technological advancement in the European landscape.
2 The Funding Rounds
Ocean Oasis AS: Financing and Funding Events Since EIC Accelerator Win
Ocean Oasis AS, based in Norway, develops wave-powered offshore desalination technology. After submitting its Step 2 proposal for the EIC Accelerator on October 6, 2021, and winning at Step 3, the company has experienced significant fundraising activity and investor interest.
Financing Raised and Funding Rounds
- Since its founding in 2020, Ocean Oasis has raised capital through multiple funding rounds. The total disclosed funding exceeds $12 million across at least seven rounds.
- Early financing included a pre-seed round of $110k in May 2020.
- By January 2022, Ocean Oasis had reportedly raised a total of $2.9 million.
Major Funding Rounds (Timing & Amounts)
| Date | Round/Type | Amount | Key Investors |
|---|---|---|---|
| May 2020 | Pre-seed | $110k | Not specified |
| Jan (year unclear) | Early round | $2.9M | Not specified |
| Mar 2, 2023 | Equity round | Undisclosed† | Unconventional Ventures (lead), Unruly Capital; existing investors Grieg Edge, Farvatn Venture & Antler also participated |
| Aug 28, 2024 | Grant | €6M ($6.67M) | EU CINEA Circular Economy & Quality of Life Programme |
† While the exact amount for the March 2023 equity round is not published publicly, it was described as substantial with strong follow-on from existing investors.
Investor Information
The main institutional backers include: - Grieg Maritime Group through Grieg Edge – largest shareholder by ownership stake
- Unconventional Ventures
- Farvatn Venture
- Antler
Company Valuations
As of April 2021 (Dealroom estimate), Ocean Oasis’ enterprise valuation was between $4–5 million USD. More recent valuations are not publicly available; however, continued investment—including multi-million euro grants—reflects rising confidence in the company’s growth trajectory.
EU Grants
In addition to private investment: - In August 2024, Ocean Oasis received a €6 million grant from the European Union to fund its DESALIFE project—focused on deploying commercial-scale desalination buoys off Gran Canaria.
Exit Events: IPOs or Acquisitions
There is no public record or announcement regarding an IPO or acquisition involving Ocean Oasis as of April 23rd 2025.
Summary Table: Key Funding Events
| Year | Event / Round | Amount |
|---|---|---|
| May 2020 | Pre-seed | $110k |
| Jan (unspecified year) | Early VC | ~$2.9M |
| Mar 02 2023 | Equity Round †Undisclosed | |
| Aug 28 2024 | EU Grant €6M ($6.67M) |
† Substantial but undisclosed equity raise led by new and existing impact investors.
Investor List
- Grieg Maritime Group / Grieg Edge
- Unconventional Ventures
- Farvatn Venture
- Antler
- Unruly Capital
No evidence was found for any exit events such as IPOs or buyouts/acquisitions up to April 23rd 2025.
Sources:
- Ocean Oasis Company Information - Seedtable
- Ocean Oasis raises capital in a round led by Unconventional Ventures
- Ocean Oasis company information - Dealroom.co
- Oslo-based cleantech Ocean Oasis receives a €6M grant - Vestbee
- Ocean Oasis Stock Price, Funding & Valuation - CB Insights
- Investors – OceanOasis official site
3 The Press Releases
Overview of Ocean Oasis AS
Ocean Oasis AS, based in Norway, is a pioneering company focused on developing sustainable solutions for seawater desalination using wave power. They received EIC Accelerator funding in October 2021 and have since made significant strides in advancing their technology and partnerships.
Technology and Innovations
Ocean Oasis utilizes wave energy to power a reverse osmosis process, providing a sustainable and emission-free method for desalination. Their innovative solution involves a mobile floating desalination plant that operates in deep ocean waters, minimizing environmental impacts typically associated with coastal desalination, such as algae and sewage contamination and brine dispersion issues. The company has developed a prototype named "Gaia," which is part of their efforts to scale this technology for global use.
Funding and Partnerships
Following the EIC Accelerator funding, Ocean Oasis has secured additional capital through a funding round led by Unconventional Ventures and supported by existing investors like Grieg Edge and new participants from Unruly Capital. The company has also received a €2.5 million grant from the European Union EIC Accelerator in 2022. Ocean Oasis has been selected for the SEB ScaleCenter, indicating its potential for growth and scalability.
Team Updates and Collaborations
The team at Ocean Oasis is led by CEO Kristine Bangstad Fredriksen, who is an impact-driven business leader with a strong background in technology incubation. The company has also welcomed students from the Norwegian School of Economics, which may indicate an interest in research collaborations or talent development. Additionally, Ocean Oasis has been awarded an Industrial PhD with the University of Oslo, reflecting its commitment to research and innovation.
Press Releases and Social Media
Ocean Oasis publishes press releases and updates on its website, focusing on technological advancements, funding announcements, and recognition for its innovative approach to desalination. However, specific social media updates are not detailed in the available information.
Sources
- Ocean Oasis
- Ocean Oasis News
- Ocean Oasis Raises Capital
- EQT Foundation: Ocean Oasis
- Team | Ocean Oasis
4 The Technology Advancements
Ocean Oasis AS, a Norwegian cleantech company, specializes in offshore wave energy-powered desalination technology that produces fresh water from seawater without emissions. Since receiving the European Innovation Council (EIC) Accelerator funding on October 6, 2021, Ocean Oasis has made significant advancements and demonstrated progress across multiple dimensions:Current Capabilities
- Ocean Oasis has developed a floating platform that harnesses ocean wave energy to drive pumps pushing seawater through membrane filters for desalination. This process is highly efficient, requires no external power sources aside from wave energy, and produces fresh water with zero carbon emissions or brine discharge.
- Their technology targets clean freshwater supply to coastal communities worldwide by scaling offshore desalination infrastructure using renewable energy.
Advancements Since EIC Accelerator Funding (Oct 2021)
- The company secured an initial €2.5 million grant from the EIC Accelerator under Horizon Europe in 2022 to mature their "Rewater" project focused on designing, building, deploying, and testing a full-scale desalination buoy off Gran Canaria.
- In August 2024, Ocean Oasis led a consortium awarded an additional €6 million EU grant under the DesaLIFE project. This funding supports building and deploying the first fleet of their offshore desalination buoys to provide water for approximately 15,000 people on Gran Canaria island in Spain.
- They have successfully piloted and tested their buoy technology in Norway and are preparing further scale-up installations both locally off Norway’s coast and internationally.
Technology Improvements & New Features
- The pilot testing phase indicated that direct utilization of wave power for desalination bypasses many challenges tied to converting wave motion into electricity first—simplifying engineering while enhancing reliability offshore.
- Integration efforts include combining produced freshwater with existing land-based plants such as Arucas-Moya seawater plant on Gran Canaria to increase total local production capacity by around 2,000 m³/day without increasing CO2 footprint or brine volumes discharged into marine ecosystems.
Market Demonstrations
- Ocean Oasis’ floating buoys have been deployed as pilots in Norway waters.
- The DesaLIFE project will mark one of the first commercial-scale demonstrations supplying thousands of residents through integration with existing infrastructure at Gran Canaria starting soon after August 2024 announcement.
Intellectual Property & Publications
- Publicly available information does not indicate new patent filings or scientific publications specifically attributed to Ocean Oasis since receiving EIC funding.
- The company actively participates in sustainability reporting via UN Global Compact communications but has not prominently published new whitepapers or clinical trials related directly to their technology as per available data .
Summary:
Since winning EIC Accelerator funding in late 2021 with a €2.5 million support package focusing on piloting full-scale buoy systems for wave-powered desalination off Norway's coast, Ocean Oasis AS has advanced substantially by securing further EU grants (€6 million) aimed at commercial deployment around Gran Canaria. Their innovative zero-emission floating platforms are moving beyond pilot phases toward real-world utility by integrating clean freshwater outputs into existing coastal water supply frameworks without increasing environmental impacts such as CO₂ emissions or harmful brine discharge.
No evidence was found of newly filed patents or scientific papers released post-funding; however, demonstration projects progressing toward market readiness strongly indicate technological maturation and customer-focused validation.
Sources
- Ocean Oasis official website
- UN Global Compact profile
- Innovation Origins: Wave Energy Desalination Tech
- EU press release DesaLIFE Project
- EU Startups: Oslo-based Ocean Oasis secures €6M
- Ocean Oasis EIC Accelerator Award Announcement
5 The Partnerships and Customers
Ocean Oasis AS, a Norwegian company specializing in offshore wave energy-driven desalination technology, has developed several key partnerships and customer relationships since winning the EIC Accelerator funding in October 2021. These collaborations play a crucial role in advancing their technology and scaling their operations globally.Partnerships and Collaborations
Nature of New Relationships
These partnerships are strategic for:
- Testing prototypes like "Gaia" under optimal conditions provided by PLOCAN's infrastructure.
- Demonstrating feasibility for sustainable fresh water production using wave energy.
- Scaling operations from pilot phases toward commercial deployment connected to municipal water distribution systems.
- Addressing critical global needs such as climate change-induced freshwater scarcity through zero-emission technologies.
Market Positioning Impact
The collaboration with established research institutions and regional authorities positions Ocean Oasis AS strongly within markets requiring innovative offshore desalination solutions. Particularly:
- The DESALIFE project places them at the forefront of renewable-powered desalination initiatives targeted at island communities like those in the Canary Islands.
- Their ability to leverage EU support alongside private investments enhances credibility while accelerating entry into markets facing increasing water stress globally (e.g., South Africa, Morocco).
Technology Advancement & Scaling Benefits
Partnerships provide access to cutting-edge test environments (PLOCAN), financial resources for R&D scaling (investors), plus regulatory support from local governments. This synergy helps:
- Optimize technological performance via real-world trials.
- Scale up floating platform installations beyond Norway efficiently.
- Develop sustainable business models suited for diverse coastal geographies worldwide.
In summary, since receiving EIC Accelerator funding in late 2021, Ocean Oasis AS has solidified partnerships chiefly around European research bodies like PLOCAN/ITC along with a strong investor consortium. These relationships accelerate its mission toward emission-free freshwater production powered by ocean waves—supporting both technological advancement and broader market penetration across vulnerable coastal regions.
Sources
6 The Hiring and Company Growth
Ocean Oasis AS: Team Growth and Development Since EIC Accelerator Funding
Ocean Oasis AS, a Norwegian technology growth company, has been actively expanding since receiving the EIC Accelerator funding in October 2021. The company is dedicated to providing a clean alternative to traditional desalination methods by leveraging wave energy to supply fresh water sustainably.
Current Headcount and Team Size
As of the latest available information, specific details about Ocean Oasis's current headcount or team size are not disclosed. However, the company has been growing with new investments and strategic partnerships.Hiring and Growth
Ocean Oasis is currently focused on developing and scaling its innovative wave-powered desalination technology. The company has been hiring and expanding its team to support this mission. Although specific job openings are not detailed in recent public announcements, Ocean Oasis is committed to building a strong team to drive its sustainable water solutions forward.Recent Hiring and Key Positions
A notable recent addition is Øystein Lande, who was awarded funding by the Research Council of Norway for his doctoral project under the Industrial PhD Scheme. His research focuses on computational fluid dynamics applied to wave energy extraction, which is central to Ocean Oasis's technology development. This addition highlights the company's emphasis on research and development to enhance its wave-powered desalination solutions.Growth and Scaling
Since receiving the EIC Accelerator funding, Ocean Oasis has secured additional investments, including a funding round led by Unconventional Ventures and participation from new and existing investors like Unruly Capital, Grieg Edge, Farvatn Venture, and Antler. This financial support has enabled the company to test and scale its technology, aiming to provide fresh water competitively to coastal communities worldwide.Management and Founding Team
Kristine Bangstad Fredriksen, Co-founder and CEO of Ocean Oasis, continues to lead the company with a strong focus on impact-driven and sustainable solutions. The company's board includes Kjerstin Hernes from Grieg Edge, reflecting the ongoing support from key investors.Impact of New Team Members
New team members like Øystein Lande contribute significantly to Ocean Oasis's mission by advancing the technological aspects of wave energy extraction. These additions help the company scale and grow by enhancing its core technology, ensuring more efficient and sustainable desalination processes. This growth positions Ocean Oasis to make a substantial impact in providing fresh water without emissions, aligning with global efforts to mitigate climate change.Future Outlook
With continued investment and strategic hiring, Ocean Oasis is well-positioned to expand its operations and deliver on its promise of sustainable water solutions. The company's commitment to research and development ensures that it remains at the forefront of innovative desalination technologies, addressing global water scarcity challenges.Sources
- Ocean and Oasis Announce a Strengthened Partnership
- Ocean Oasis Raises Capital
- Awarded Industrial PhD - Ocean Oasis
- Careers | Ocean Oasis
7 The Media Features and Publications
Ocean Oasis AS: Overview and Activities
Ocean Oasis AS, based in Norway, received EIC Accelerator funding in October 2021. The company is noted for its innovative approach to desalination, utilizing wave energy to provide a sustainable and zero-emission solution for fresh water production.
Media Features and Publications
Ocean Oasis AS has been featured in various media outlets for its pioneering work in sustainable desalination. However, specific publications or media features directly naming the company are not readily available from the provided search results.
Content from Publications
While detailed content from publications about Ocean Oasis AS is limited in the search results, the company's solution is recognized as a critical innovation in addressing global water scarcity. Ocean Oasis offers a mobile floating desalination plant that uses wave energy to produce freshwater, mitigating environmental challenges associated with traditional desalination methods.
Podcasts and Interviews
There are no specific podcasts or interviews with the team of Ocean Oasis AS mentioned in the search results. However, the company's participation in interviews or discussions would likely focus on its sustainable desalination technology and its potential impact on global water accessibility.
Conference and Fair Visits
Ocean Oasis AS may participate in environmental or technological conferences to showcase its innovative desalination solutions. However, specific details about their participation in conferences or fairs are not available from the search results.
Involvement in Events
Given the company's focus on sustainable water solutions, it is likely involved in events related to environmental technology and innovation. However, specific events or participation details are not provided in the search results.
Sources
- Ocean Oasis - EQT Foundation
- Ocean Oasis Reviews and Media - San Diego Natural History Museum
- Ocean Oasis Reviews and Media - San Diego Natural History Museum
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