Australian-based wave pool company Surf Lakes is looking to make a splash in the U.S. market. The company has partnered with investment firm US Capital to raise $140 million — $100 million in equity and $40 million in debt — to compete in the burgeoning wave pool industry.
US Capital says it’s ready to raise funds for the project, highlighting that Surf Lakes’ technology can produce more waves at a lower cost per wave than rival pools.
Surf Lakes CEO Troy Warfield said the partnership should help position the company’s plunger design to become “the premier surf park operator in the not-too-distant future.”
As part of its U.S. expansion, Surf Lakes has enlisted surf legend Tom Curren as an ambassador and investor. Curren called joining Surf Lakes a “big decision” and said the technology will add a lot to American surfing.
As of 2025, Surf Lakes has no pools open to the public. Its R&D facility in Queensland, Australia has received approval to convert into a commercial site, though no opening date has been announced. The company has also sold seven licenses for new pools — six in the continental U.S. and one in Hawaii, but none have approved plans for development yet.
Surf Lakes’ system features a giant plunger in the center of a lake that generates multiple wave types across four different reefs. The prototype first produced waves in October 2018. In 2024, the company transitioned from Australia to become a U.S.-based corporation, incorporated in Delaware. Former world champion Mark “Occy” Occhilupo has served as Surf Lakes’ ambassador since its early days.