Swedish startup SeaPattern raises €5M to unlock hidden hydropower potential across Europe

Swedish hydropower startup SeaPattern raises private funding and signs a memorandum of understanding with a European utility.

SeaPattern, a Swedish hydropower startup, has announced that it raised €5M in private funding to support its operations and growth. 

The company stated that the financing round is the largest private investment secured by a European hydropower startup in recent years.

The round was led by Industrifonden and included participation from existing investors, including Sweden’s Norrsken Launcher. The financing brings SeaPattern’s total funding to over €6.5M.

Anna Ljungdahl, Senior Investment Director, Industrifonden, and SeaPattern Board Member, says, “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.”

Additionally, SeaPattern signed an MoU with a European utility regarding its plug-and-play hydropower solution. The agreement provides a framework to explore future commercial offtake of SeaPattern’s solution and marks a commercial milestone for the company.

Boosting hydropower capacity without environmental compromise

Founded in 2020 by Niklas Boman and Marcus Filipsson, SeaPattern has developed a hydropower solution designed to increase electricity generation in existing plants by 7 per cent to 10 per cent without requiring new infrastructure.

The company’s OEM solution combines modular floating turbines that operate in clusters with AI-enabled software for turbine positioning and performance optimisation. 

SeaPattern reports that its solution can generate electricity at a levelised cost of energy 4 to 5 times lower than other methods. With thousands of hydropower plants across Europe, the company aims to expand the deployment of its solution in the region.

Niklas Boman, founder and CEO of SeaPattern, says, “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.”

Anna Fredrixon, Partner, Norrsken Launcher and Board member, SeaPattern, adds, “We’re proud to continue backing SeaPattern and to welcome new investors on board. Since first partnering with the founders Niklas and Marcus earlier this year, we’ve seen a remarkable pace and execution, with commercial, technological, and team milestones delivered ahead of plan.”

“The great market interest proves the need to unlock more hydropower. We look forward to continuing to work together to secure resilient and affordable energy for Europe.”

Capital utilisation

SeaPattern will use the funds to scale its operations as it moves from field trials to an industrialisation phase.

Testing and validation of SeaPattern’s solution has been conducted with partner Tekniska Verken at Svartåfors hydropower plant.

Ola Palmquist, Hydropower Business Unit Manager, Tekniska Verken, says, “Our collaboration with SeaPattern has demonstrated significant potential of their hydropower solution. The field trials at Svartåfors have consistently shown promising results, with no disruption to our existing operations. As we move forward, we’re excited to validate the complete solution’s full capability to enhance our plant’s capacity in a sustainable way.”

Demonstrations will also validate SeaPattern’s AI-enabled CFD software, which supports dynamic turbine repositioning to maintain placement and capacity generation.

Niklas Boman, founder and CEO of SeaPattern, adds, “The addition of Industrifonden as a lead investor strengthens 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 industrialisation 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.”

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 revolutionising 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.”