Danish company Wavepiston has launched a capital raise, seeking €2 million to advance its wave energy technology to the next level.
Wavepiston is seeking a €2 million investment of working capital at a pre-money valuation of €15 million that will help the company advance its wave energy technology to the next technology readiness level (TRL).
The latest fundraise follows more than €9 million of non-dilutive funding, along the founder and early-stage equity invested to date, which have been deployed in R&D and patent protection.
The campaign is expected to enable the completion of the financial package that will support the transition of it wave energy technology from TRL 6 to TRL 7, and prepare it for the TRL 8 step.
“Wavepiston has been on a pathway of continuous development and innovation, creating the IP and patents that are at the core of the business. We have established relationships with first adopters and end users. We are now ready to demonstrate to those first adopters the use cases that they have helped us scope out,” the company said.
The capital raise will take the company to 2023 when it plans to seek a further €10 million of growth capital to enable the delivery of first revenues with an exit envisaged 3-4 years thereafter.
Wavepiston’s wave energy system consists of energy collectors placed in the ocean. The energy collectors produce pressurized seawater which is transported to the shore where power generation and reverse osmosis units for desalination are located.
The technology combines the production of clean electricity and desalination of seawater, all from the energy in the ocean waves.
To remind, the company recently transported all parts of its full-scale wave power generation and desalination units to Gran Canaria where they will assembled and installed in the following months.