🇸🇪 SeaPattern secures €5 million in financing led by Industrifonden

Swedish hydropower startup SeaPattern, today announced that it has raised €5 million in private financing to support future operations and growth. Led by Industrifonden, the financing round is the largest private investment secured by a European hydropower startup in recent years. Existing investors, including Sweden’s Norrsken Launcher, joined in the financing which brings SeaPattern’s total financing to date to over €6.5 million (over 71 million SEK).

In parallel, SeaPattern announced that it has signed a memorandum of understanding with a significant European utility. The agreement, which reflects the potential customer’s interest in SeaPattern, provides a foundation for exploring future commercial offtake of SeaPattern’s solution and represents a significant commercial milestone.

The fresh financing will be used to scale SeaPattern’s operations as it transitions from early field trials towards an industrialization phase. To date, testing and validation of SeaPattern’s hydropower solution has been performed in collaboration with partner Tekniska Verken at Svartåfors hydropower plant.

Looking ahead, the company will deploy its first multiturbine cluster at the hydropower plant in order to demonstrate the solution’s capability to increase hydropower capacity by between 7% to 10%, at a levelized cost of energy 4-5 times lower than alternatives. Significantly, the demonstrations will also involve validation of SeaPattern’s proprietary AI-enabled CFD software, which supports dynamic repositioning of turbines to ensure optimal placement and capacity generation.

Niklas Boman, Founder and CEO of SeaPattern, commented: “We’re proud to secure this investment, which demonstrates the market’s confidence in SeaPattern technology and provides a foundation for taking the next step towards bringing our solution to market and unlocking hydropower potential across European markets. SeaPattern’s journey to date and the progress our team has made over the past year — from successful field trials to this investment and commercial MOU — has been remarkable, and aligns with the pace at which Europe must engage in the energy transition.”

“The addition of Industrifonden as a lead investor strengthen’s SeaPattern’s position substantially — their deep experience in the impact space brings invaluable perspective to our team, as we work with determination and focus to scale. In supporting the industrialization of our solution, this financing will enable demonstration of SeaPattern’s unique position to deliver clean, reliable and affordable energy without environmental harm — just what Europe needs, and exactly what SeaPattern is committed to delivering.”

Anna Ljungdahl, Senior Investment Director, Industrifonden, and SeaPattern Board Member, commented: “SeaPattern addresses one of Europe’s most pressing challenges: how to expand renewable energy without building new large-scale infrastructure. The company’s solution stands out for both its performance and scalability. What convinced us is not only the strength of the technology, but also a business model that turns hardware into recurring revenue. With Industrifonden’s experience in scaling deep tech ventures, we see strong potential for SeaPattern to become a key player in Europe’s energy transition.”

Niklas Boman concludes: “Looking ahead, our ambition is clear: to demonstrate that existing hydropower infrastructure can be significantly enhanced without environmental compromise. As we enter this next phase, we’re actively growing our team and are eager to welcome talented individuals who share our vision of revolutionizing hydropower. Our journey is just beginning, and the potential impact of what we’re building extends beyond Sweden’s borders to address Europe’s urgent need for clean, reliable and affordable energy.”

Originally published on 25 September by Industrifonden.

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