Finnish wave energy developer Wello has reached over the initial goal of €1 million in its ongoing crowdfunding campaign.
With 23 days left until the campaign comes to a close, Wello informed it had already secured a little over €1 million which was the minimum target for the campaign launched late in December last year.
The campaign, running until February 14, 2018, is open to over-subscriptions to a maximum of €2 million.
The wave energy developer said earlier it launched the campaign on the Invesdor platform to support its two-fold growth strategy for the company.
Wello also said it plans to launch another funding round later in the year.
To remind, Wello has recently secured a commercial order from the Indonesian infrastructure construction company Gapura Energi Utama for a 10MW wave energy park to be equipped with Penguin devices.
Wello’s Penguin produces energy as the asymmetrical shape of the device’s hull creates a gyrating motion which makes the rotator inside the hull rotate with each passing wave.