Danish company Wavepiston has closed its crowdfunding campaign having successfully raised over €2.4 million for its wave energy technology and projects.
The crowdfunding campaign, run through Seedrs platform , secured investment commitments from 1556 investors and reached over the initial goal set for €2 million.
“Welcome on board and thanks to all of you for your support. This is an important funding step for us and we will work hard to make Wavepiston a success”, the company said following the closing of the campaign.
The proceedings from the campaign will be used to finance final phase of its technology development, Wavepiston said earlier.
The company plans to develop and demonstrate the Wavepiston system from 2020-2022, and then install wave powered electricity and desalination plants in co-operation with project developers.
To remind, Wavepiston installed the first string of its full-scale device at the Oceanic Platform of the Canary Islands (PLOCAN) test site in December 2020.
The system, under tests at PLOCAN, comprises a chain of two wave energy collectors stretched between two anchored buoys.
The full-scale demonstration system will consist of a single Wavepiston wave energy converter (the string) with 24 energy collectors (spanning 200 meters in length, and 8 meters in width), and a turbine generator on the PLOCAN platform for conversion to electricity.
The system is expected to have a peak effect of 200 kW, being able to produce 547,000 kWh per year – which is equal to the electricity consumption of 140 standard households, according to Wavepiston.