What Haf-Afl does

Haf-Afl ehf. is an Icelandic private limited company headquartered in Vestmannaeyjar (Westman Islands) that develops wave and tidal energy projects in Iceland. The company operates exclusively as a project developer rather than a technology manufacturer — it identifies viable sites, conducts feasibility assessments, structures deals, and matches projects with appropriate third-party technology providers, institutional investors, and energy off-takers. Haf-Afl is technology-agnostic and has assembled a portfolio of international technology partners: Minesto (Swedish tidal kite 'Dragon Farm' technology, MOU signed Feb 2026), Wavepiston (Danish wave energy, MOU signed Feb 2026), Havkraft AS (Norwegian wave energy converters, exclusive Iceland agency rights since Feb 2024), and Ocean Power Technologies (US, listed as partner). Its primary project site is Vestmannaeyjar, where it has a letter of intent with the municipality (April 2024) and has secured two grants totaling ISK 12.7 million (June 2024) for preliminary design and feasibility work on wave energy converters.

The company is led by a small, female-majority team: Eyvar Örn Geirsson (CEO / Framkvæmdastjór), Dagný Hauksdóttir (CTO / Tæknistjór), and Eyrún Stefánsdóttir (Communications and Strategy Director, co-founder). Haf-Afl is majority women-owned and women-led — a stated differentiator in its positioning. Revenue is derived from professional services tied to project development — taking projects from concept through to investment-ready stages — though the company is currently pre-revenue and is raising capital to accelerate development. The company targets remote and isolated Icelandic communities currently dependent on diesel generation, positioning ocean energy as a complementary, predictable, locally generated source that diversifies Iceland's predominantly hydropower-and-geothermal renewable mix and supports energy security in off-grid coastal locations.

Name

Haf-Afl

Legal name

Haf-Afl ehf.

Website

https://haf-afl.is

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Haf-Afl ehf. is an Icelandic project developer that develops wave and tidal energy projects in Iceland by selecting third-party technology from international partners (Minesto, Wavepiston, Havkraft) and structuring them to investment-ready stages for utilities, municipalities, and investors.

Ownership category

akta.pro rank

Product category

Ocean Energy Project Development

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Advanced Wind Technology R&D (Floating Offshore, Airborne Wind, New Rotor/Blade Concepts) (EUAMAOAB)

Keywords

• Ocean energy development
• Wave energy projects
• Tidal energy development
• Renewable energy consulting
• Marine power development

Headquarters

HQ city

Vestmannaeyjar

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Project development services: Haf-Afl generates revenue by developing ocean energy projects from concept through to investment-ready stages, structuring deals with technology providers, investors, and energy buyers. The company is currently pre-revenue and is raising capital to accelerate project development.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Haf-Afl is an Icelandic project development company that develops ocean energy (wave and tidal) projects from concept through to investment-ready stages. The company does not develop its own technology; instead it identifies sites, conducts resource mapping and feasibility assessments, and partners with international technology providers (Minesto, Wavepiston, Havkraft) to structure investable projects that connect with investors and Icelandic energy buyers.

Product overview

Haf-Afl is an Icelandic project development company focused on ocean energy. The company operates a single integrated service offering — ocean energy project development — rather than a software product portfolio. It works with multiple technology partners including Minesto (tidal Dragon Farm technology), Wavepiston (wave energy), and Havkraft (wave energy converters) to develop investable ocean energy projects in Iceland, bridging the gap between new energy technology and actual electricity production.

Differentiator

Problem solved

Functional benefit

Products and services

• Ocean Energy Project Development Services End-to-end ocean energy project development service covering resource analysis, site identification, feasibility studies, project structuring, and connecting technology providers with investors and energy buyers. Targeted at Icelandic municipalities, institutional investors, and energy infrastructure funds seeking to develop wave and tidal energy projects in Iceland.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• WavepistoncoreTechnology or Integration · 10 February 2026Haf-Afl signed a memorandum of understanding with Danish wave energy company Wavepiston to explore the deployment of wave energy solutions in Icelandic waters. The collaboration aims to assess how wave energy can broaden Iceland's renewable energy mix and contribute to a more diversified, secure, and sustainable energy future, with Haf-Afl supporting the pathway from testing to implementation using local expertise and project development experience.
• MinestocoreTechnology or Integration · 3 February 2026Haf-Afl signed a Memorandum of Understanding with Swedish tidal energy technology company Minesto to collaborate on tidal energy project development in Iceland. The partnership focuses on site identification, feasibility assessments, and early-stage project development, leveraging Haf-Afl's mapping of Icelandic tidal resources and Minesto's Dragon Farm tidal kite technology. The collaboration aims to add tidal energy to Iceland's energy mix, supporting energy security and reducing reliance on diesel in remote locations.
• Havkraft AScoreTechnology or Integration · 20 February 2024Haf-Afl ehf. and Norwegian wave energy technology company Havkraft AS signed a collaboration agreement for preliminary research and development of wave energy parks in Vestmannaeyjar. The agreement also makes Haf-Afl the authorized representative for all Havkraft solutions in Iceland.
• Vestmannaeyjar MunicipalitycoreOthersHaf-Afl signed a letter of intent with Vestmannaeyjar Municipality on April 30, 2024, to explore the feasibility of installing wave energy converters in Vestmannaeyjar, supporting local electricity security with responsible resource use, environmental protection, innovation, and economic development.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Direct peers

• Nova Innovation: Scotland-based tidal energy developer with operational Shetland tidal array and a focus on island/remote community power. Directly comparable technology (tidal stream) and end-use case (remote community diesel displacement) to Haf-Afl.
• CorPower Ocean: Swedish wave energy developer with a point-absorber WEC technology targeting utility-scale and remote-community deployments. Closely comparable to Haf-Afl's wave-energy focus and Nordic regional context.
• Ocean Power Technologies: US-listed wave energy technology provider listed on Haf-Afl's partners page (wave-op.com). Operates in the same wave-energy technology category and serves overlapping use cases including remote/off-grid power.
• Carnegie Clean Energy: Australian wave energy and ocean energy technology developer (CETO platform). Comparable in wave-energy category and in targeting utility-scale and island/remote community deployments.
• Eco Wave Power: Israel-headquartered wave energy company with near-shore and onshore wave-energy converter systems targeting island and port installations. Comparable use cases (remote/island power, diesel displacement) to Haf-Afl's Icelandic coastal focus.
• Havkraft AS: Norwegian wave energy technology company that signed a cooperation agreement with Haf-Afl in Feb 2024 for Vestmannaeyjar wave parks, naming Haf-Afl as its exclusive Icelandic representative. Closely aligned in technology category and target deployment model.
• Sustainable Marine Energy: Canada/UK-based tidal energy developer with floating PLAT-I tidal platforms. Directly comparable in tidal stream technology and in targeting remote/island community power supply.
• ORPC (Ocean Renewable Power Company): US-based tidal and river-instream energy developer with cross-flow turbine technology deployed at remote community sites. Comparable technology category and remote-community diesel-displacement use case.
• Minesto: Swedish tidal energy technology developer behind the Dragon Farm tidal kite system. Haf-Afl signed an MOU with Minesto in Feb 2026 and is positioning itself as Minesto's Icelandic project developer — making Minesto both a partner and the most directly comparable ocean energy company.
• Wavepiston: Danish wave energy technology company. Haf-Afl signed an MOU with Wavepiston in Feb 2026 to explore Icelandic deployments, making Wavepiston a technology peer and partner targeting similar wave-energy use cases.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61555962128394
• LinkedInlinkedin.com/company/haf-afl

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Haf-Afl