Wave Swell Energy (WSE) has engaged the international finance advisor RFC Ambrian to raise funds that will support the deployment of its wave energy converter off Tasmania.
RFC Ambrian will on behalf of WSE arrange a private placement of up to 2,500,000 new ordinary shares at Au$4.80 per share to raise a minimum of Au$12 million ($9.6 million).
Following the placement, the Australian wave energy developer WSE is anticipated to have 7.5 million shares on issue and a value of Au$36 million, RFC Ambrian said.
The initiative has been launched to support the installation of a full-scale wave energy test unit in the Bass Strait, off King Island in Tasmania, for which the WSE signed a memorandum of understanding with Hydro Tasmania.
The technology used by WSE converts renewable energy from ocean waves via a 1MW modular oscillating wave column unit into electricity for connection into national electricity grids.
The unit will complement the existing renewable energy generation units at King Island, which are solar- and wind-driven, and is designed to demonstrate the full-scale commercial viability of WSE’s energy converter, dubbed UniWave.