More than four years have passed since the startup SINN Power was founded in November 2014. Founder & CEO Philipp Sinn looks back on the last year on the occasion of a firm party.
Highlights of 2018 at a glance:
Financing round over € 4.7 million
Installation of 2nd generation of wave energy converter (WEC) modules
Usable electricity from ocean waves for the first time
First customer project in Africa
Validation of safety concept during a storm in Heraklion
Summary of the highlights in video
As in the previous years, a firm party was hosted to celebrate the company's anniversary. With guests such as Umut Ertan, owner of the Schweizer Kapital Global Impact Fund AG, long-time mentor Lothar Stein and business angel Michael Kuri, the 4-year anniversary of the renewable energy startup was celebrated under the motto "electrified".
Founder and CEO Dr. Philipp Sinn reviewed the last 12 months in an emotional speech and was able to draw a more than positive conclusion:
April 2018 - Financing round over € 4.7 mio
In April 2018, SINN Power and the Schweizer Kapital Global Impact Fund AG, represented by Umut Ertan, completed a financing round. By becoming a shareholder with a capital investment of 4.7 million euros, "Schweizer Kapital" and the startup SINN Power agreed on a common future. SINN Power's revolutionary technology is to be developed to market maturity by 2022 with the resources made available.
May 2018 - Installation of 2nd generation of wave energy converter (WEC) modules
The next highlight followed in May: The construction of two WEC modules of the latest generation in Crete marked another important milestone in the company’s history. As part of a research project funded by the German government, a total of five modules are to be erected on the port wall of Heraklion, Greece, by 2019. Compared to the first generation, the second generation of the patented SINN Power WEC modules has been significantly improved in many aspects.
June 2018 – Usable electricity from ocean waves for the first time
At the end of June, the two WEC modules were successfully put into operation. SINN Power has achieved a pioneering status, as the company is among the first to have succeeded in generating regulated, stabilized and thus grid-capable electricity from the power of ocean waves.
With this successful implementation of wave energy, SINN Power now provides a durable solution for supplying power from ocean waves to mini- and off-grid systems.
August 2018 – First customer project in Africa
August 2018, SINN Power announced the launch of a paid feasibility study in West African Guinea. On behalf of Guinea Gold PLC, SINN Power was commissioned to conduct a 9-month feasibility study in the Guinean capital of Conakry to assess the potential of wave energy and other renewable sources of energy.
The aim of the feasibility study is a site-specific recommendation for an ideal, customized renewable hybrid system that meets the needs of the customer Guinea Gold PLC.
For this purpose, SINN Power installed autonomous measuring systems for renewable energies in Conakry, opening the second phase of the project. The measured data is incorporated as the main constituent of the site-specific recommendation.
October 2018 – Validation of safety concept during a storm in Heraklion
During the late part of the year, however, the wave power modules in Greece also have to pass a hardness test. Strong autumn storms with wave heights of more than 7 meters are blowing before the Greek island of Crete. Thanks to the new safety concept, which allows the entire modules to be submerged, they were able to be put back into operation after the storm had ended.
In his closing words, Sinn implicitly thanked the entire SINN Power Team. Many employees have been with the team from the very beginning and have been providing long-term support for four years. Without the diligence and motivation that every single employee brings to the company, SINN Power would never have been able to achieve so much in such a short time.
Prospects for 2019
Even though 2018 has been a successful year, the plans for 2019 are already in the making. The major milestones for the coming year are the following:
Installation of three WEC modules in Heraklion
Wave channel test for floating wave power plant
Completion and handover of the feasibility study in Guinea
CE approval for SINN Power Train
Summary of all highlights
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Carla Knappik Corporate Communications Assistant
firstname.lastname@example.org +49 (0)89 9256 6192
SINN Power GmbH Germeringer Str. 9, 82131 Gauting, Germany www.sinnpower.com
Download the press release here: 4 years SINN Power – a retrospective of the past year (PDF)