Swimsol Solar Islands

Energy



The world's first sea floating solar system, designed for tropical islands and coastal regions


Project Facts

Location
Maldives
Maadhoo Island, Dhidhoofinolhu and Raa Atoll

Project Volume
500.000-1 Mio. EUR

Applied Financing Solutions
Concessional Loans, Private Equity, Crowdfunding, Guarantees

Project Dates
Start: 2014
In operation since/from: 2019

The Story

Although tropical islands such as the Maldives receive approximately 300 days of sunshine per year, this potential energy source is rarely used, while relatively expensive and environmentally harmful diesel generators provide the majority of the energy requirements. The Austrian start-up company Swimsol provides rooftop photovoltaic modules specifically developed for the often-harsh weather conditions in coastal regions and islands of the tropics. Furthermore, since these islands usually have limited land available, Swimsol developed the worlds’ first floating solar system that can be placed on the sea – in order to provide as much clean and affordable solar electricity as possible. The system was developed together with the Vienna University of Technology (TU Wien) and the Fraunhofer Institute in Germany and is stable enough to withstand waves and harsh conditions at sea for at least 30 years. It can easily be assembled on site and is cheap enough to compete with diesel generators. Customers are usually large island hotel resorts which can save up to 50% of their diesel consumption, thereby creating positive effects for the climate as well as for local air and water quality.

Success Factor | Hero Moment
The early development phases (R&D and piloting) of the SolarSea floating platform would not have been possible without venture capital provided by investors such as the Austrian Scheuch Family Foundation. Its subsidiary FSP Ventures joined Swimsol at an early stage and provided financing also for individual projects in the Maldives. Additional money was raised by the company’s first and very successful crowdfunding campaign in early 2019.

Submitter
Swimsol GmbH, Austria

Other Involved Stakeholders
TU Wien, Fraunhofer Institute, Scheuch Family Foundation

Contact Mail
office@swimsol.com

Website
www.swimsol.com

Keywords
Start-up, Innovation, Photovoltaics