The latest funding round by Ocean Oasis has been backed by climate tech-focused investors, with strong continued commitment from the company’s existing investors.

Ocean Oasis is a Norwegian technology growth company developing a clean alternative to current desalination approaches, that will expand access to fresh water in coastal areas around the world.

The new funding round is led by Nordics-focused Unconventional Ventures. Also joining this round is the newly launched fund by Unruly Capital. Existing investors in Ocean Oasis, including Grieg Edge, Farvatn Venture and Antler, showed strong and increased commitment through this new round. Several prominent angel investors also followed up.

The funds raised will add to the company’s effort to test and scale the offshore technology that will supply fresh water competitively to coastal communities and businesses in many locations worldwide. Ocean Oasis’ current activities are already supported by the European Union EIC Accelerator, with a €2.5 million grant awarded in 2022.

Kristine Bangstad Fredriksen, Ocean Oasis Co-founder and CEO, says:

We already see the effects of climate change on our access to freshwater, and it hits in a highly unfair way. Desalination that uses wave energy brings a new dimension and additional opportunities to supply desalinated water without emissions, at a competitive cost, and without the use of valuable land. At Ocean Oasis, we are passionate about making a difference in an increasingly water-scarce world. We’re looking for impact driven and value aligned strategic investors as we develop and scale reliable and robust new sustainable technology.

Unconventional Ventures invest in scalable impact tech companies, targeting diverse founders. Thea Messel, Unconventional Ventures General Partner, says:

The lack of access to fresh water is one of the biggest problems faced globally as the effects of climate change and the demand for fresh water is going to triple over the next few decades. The team behind Ocean Oasis has insights and expertise needed to provide a sustainable solution and we are excited to join their mission. With their Build-Own-Operate approach we are happy to see their long term commitment to deliver fresh water in an affordable and sustainable way.

Ocean Oasis’ largest investor in terms of ownership is Grieg Edge. Kjerstin Hernes, Head of Ocean Ventures in Grieg Edge and Ocean Oasis board member says:

We have followed Ocean Oasis for a long time now as an active investor. I have enjoyed seeing the prototype being launched and working closely with the Ocean Oasis team. Their concept shows incredible financial, technical, and social potential, and we are happy to increase our investment and continue this journey together.