2nd Apr 2025 12:30
(Alliance News) - Equipmake Holdings PLC on Wednesday announced a development agreement with CorPower Ocean AB, a Stockholm-based wave energy device developer.
Norfolk, England-based Equipmake is an electrification solutions developer for the automotive, aerospace, marine, construction and bus markets.
Equipmake said it will develop a generator and silicon carbide inverter system tailored to CorPower Ocean's advanced wave energy system.
It will contribute to large-scale production within five years.
Equipmake Chief Executive Officer Ian Foley said: "This agreement with CorPower Ocean highlights Equipmake's ability to provide high-performance electrification solutions to innovative, forward-thinking industries across multiple sectors and applications. Ocean energy holds significant promise as a sustainable power source, and we are delighted to be contributing to the advancement of CorPower Ocean's transformative technology."
Patrik Moller, CEO of CorPower Ocean said: "Our partnership with Equipmake represents a major step forward in the development of our next-generation generator and SiC inverter, further enhancing the performance and scalability of our wave energy systems. This agreement marks an important milestone in our journey towards delivering reliable, clean energy on a global scale."
On Monday, Equipmake had announced a GBP5 million strategic investment by Caterpillar Venture Capital Inc, a subsidiary of Irving, Texas-based construction equipment maker Caterpillar Inc.
Equipmake secured the funding via a 4-year long convertible loan at a 10% annual interest, with with March 31, 2029 being the original maturity date.
Equipmake CEO Foley said: "Securing a relationship with a global industry leader like Caterpillar and receiving such a substantial investment is not only a remarkable achievement for Equipmake but also a testament to the outstanding quality and forward-thinking innovation embedded in our products and team. This milestone reflects the hard work, dedication, and expertise that has driven our success thus far. I am truly delighted to share this news with our stakeholders and investors."
As a result of the strategic investment from Caterpillar Venture Capital, Equipmake has concluded that the business is now in a "strong financial and commercial position".
Therefore, Equipmake terminated its formal sale process, meaning it is now longer in an offer period.
"The company is not in discussions with any party in relation to a sale of the business or the company and is not in receipt of any approaches," it clarified.
Equipmake shares rose 1.4% to 1.07 pence each on Wednesday afternoon on the Aquis in London.
By Tom Budszus, Alliance News slot editor
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