Hong Kong-based clean technology developer Aquanet Power has completed its second round of capital raising, securing $5 million to further grow its wave energy business.
The new investor in the company is a ‘successful manufacturing company with significant experience and know-how in the electronics sector’, according to Aquanet Power.
The first round of capital raising of $5 million in 2015 enabled the company to validate and optimize the full scale 1MW rated capacity air turbine power take-off (PTO) system in a full-scale wind tunnel test facility in Taiwan in June 2017.
The system is now ready to be deployed not only with the dedicated Aquanet Oscillating Water Column (OWC), but also with any other suitable OWC as a plug-and-play solution for operations in any sea condition in the world, the company said.
Aquanet Power added it is currently in discussions with a number of experts in Europe to further grow and develop projects in suitable locations across Europe, Africa, Asia and America.
With additional new members, its product manufacturing development team in Asia will be well prepared for future mass production and export of PTO/Turbine components, the company said.