Witt Ltd, the developer behind the technology that converts motional energy into electricity, has hit the £750,000 equity raise target.
The Plymouth-based company has launched the equity raise campaign on March 7, 2016, to accelerate the WITT technology manufacturing for its first application as the 200-Watt Marine WITT .
It has hit the target in half the time, with the closing deadline set for April 4. However, the company informed that it will proceed to over-fund to accelerate the WITT technology for other applications.
“Although we have hit target we will proceed to over-fund as the additional equity raised will enable Witt Ltd to accelerate the development and commercialisation of the consumer WITT (used to recharge smart phones whilst walking), and additionally further enhance our working capital. We showed a further equity raise of £2 million occurring in 2018 and thus we will use over-funding to effectively bring part of this forward,” Witt Ltd stated.
The Marine WITT will provide autonomous power for marine applications, such as large-scale survival units, desalination, offshore fish farms and a range of products that need a constant power source, according to Witt Ltd.
In addition, it is expected to establish the WITT’s capability to generate large-scale ocean power, the company informed.
The equity share on offer is 7.48%, and the company has raised £796,850 so far, with the largest single investment of £150,000.