For Michael Henriksen, co-founder of Wavepiston, the journey to building a game-changing renewable energy company didn’t start in engineering or science - it began in the world of finance. Today, more than a decade after founding Wavepiston, Michael’s career shift is making waves in the clean energy sector, quite literally.
In this conversation, Michael shares his unconventional path into renewable energy, the tough realities of founding a hard-tech business, and his advice for the next generation of impact-driven entrepreneurs.
From Finance to Founding Wavepiston
Michael’s background is firmly rooted in business and finance, having worked in capital markets and financial services for many years. His early career was spent developing solutions across back office, middle office, and front office operations - experience that later became invaluable in building and sustaining a startup.
Around twelve years ago, a moment of reflection changed everything. “I was looking at what I wanted to spend the rest of my life doing,” Michael recalls. “I wanted to do something that would make a large positive impact.”
That drive led him to connect with one of the early inventors behind Wavepiston, a project still very much in its experimental phase at the time. Seeing its potential, Michael co-founded Wavepiston in early 2014. Their mission: to harness the energy of ocean waves to produce clean electricity and fresh drinking water.
The Challenges of Building a Hard-Tech Business
Founding a startup in the offshore renewable energy sector is a world apart from launching a tech app or a small consumer brand. “It's a large double, and for some companies, triple-digit million euro investment before you generate positive cash flow,” Michael explains.
The biggest challenge? Funding at the right time, from the right type of investors.
Developing offshore wave energy technology is a long, capital-intensive journey - and one that demands investors who understand the risks, the infrastructure requirements, and the enormous potential impact.
In the early days, Michael and his team relied heavily on public co-funding and grants to prove the concept and attract private investors. Friends, family, and early believers came on board, often backing the founders and their vision more than a tangible product. Over time, they secured more professional and larger investors, but the funding challenge never fully disappeared. “Every new stage of growth requires a new kind of capital,” he says.
Advice to New Founders: Perseverance, Networks, and Passion
Michael doesn’t sugarcoat the realities of entrepreneurship, especially in hard tech: “You will get hundreds of ‘no’s before you get a ‘yes.’ Always expect that. But one ‘yes’ can change everything.”
His advice to aspiring founders is clear:
- Perseverance is critical. Keep believing in your mission even when progress feels slow.
- Tap into networks. Experience helps, but so does leaning on others' knowledge, especially around finance, operations, and fundraising.
- Work on something meaningful. Passion for your mission fuels you through the inevitable ups and downs.
He adds that public funding and a strong network of believers are essential, particularly when working in sectors that require long-term innovation and patience.
Staying Motivated on the "Wavy" Road
How does Michael personally stay motivated after more than a decade in the trenches? He acknowledges the emotional rollercoaster of startup life, especially in a sector as complex as offshore energy.
“You have to prepare yourself for the waves,” he says. “Make sure you have people around you who support you, and find ways to reset and clear your mind when needed.”
For Michael, the real drive comes from building something tangible and meaningful. “Seeing something you built move from idea to reality - knowing it can make a real positive impact - that’s what keeps me going.”
Looking Ahead: Wavepiston's Vision for the Future
In the next five to ten years, Michael envisions Wavepiston moving from pilot projects to fully operational commercial wave farms. The first pilot farms are already being developed in the Caribbean, the Canary Islands, and other coastal and island communities. The long-term goal? Gigawatts of installed capacity providing both clean electricity and desalinated drinking water - all powered by the ocean.
They’re also collaborating with offshore wind developers to co-locate wave energy and wind farms, maximising ocean space sustainably.
“The world is our market,” Michael says. “Wherever there are waves, there’s potential for Wavepiston.”
Final Thoughts
Michael Henriksen’s story is a testament to the power of purpose-driven entrepreneurship, strategic perseverance, and the willingness to tackle enormous challenges head-on. His journey proves that with the right mission, the right people, and a lot of determination, even the toughest industries can be transformed for good.
As Michael puts it, “Focus on the positive impact you’re creating. That’s what will keep you going, even when the journey is hard.”
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