Invitalia co-leads €2.25m round for 40South Energy

The deal is the 11th to be made from Italian-government-backed VC Invitalia's maiden vehicle. Invitalia and Enel Green Power, the Rome-based renewable-energy-focused subsidiary of energy supplier Enel, provided equal equity tickets in the round.

The company plans to use the fresh capital to end the prototyping phase of its device, H24, and head for commercialisation in 2017.

In 2010, Italian bank Monte dei Paschi di Siena provided a loan facility to finance the construction of the first full-scale pre-commercial prototype.

Company
Established in 2007, 40South Energy produces two devices able to convert wave and tidal energy into power energy: the R-type wave energy converter, which is partially submerged, and the H-type, which is fully submerged and can convert wave and tidal energy to commercial use.

Headquartered in London, the company has a subsidiary in Italy called 40South Energy Italia.

People
Invitalia Ventures – Ciro Spedaliere (investment manager).
40South Energy – Michele Grassi (founder, CEO).

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