French tidal energy company Sabella has crossed a €1 million milestone in its ongoing crowdfunding campaign which remains open until the end of this month.
Launched in December 2021 with the aim to collect funds for Sabella’s tidal power research and project activities, the crowdfunding campaign has so far brought €1.1 million in investor commitments for the company.
More than 1200 investors joined the campaign on WiSEED platform , which will remain open for another 15 days, Sabella said.
With a minimum investment amount of €100 at an annual rate of 8%, the crowdfunding campaign has a set target of €1.5 million that will be used to finance the company’s research and development activities, as well as for the work in ongoing initiatives like the TIGER project .
The move to launch a crowdfunding campaign comes as tidal energy sector enters the industrial phase, and according to Sabella, the collected proceeds will help the company join this transition and accelerate its ramp-up.
Sabella has a number of tidal energy projects currently in development in addition to TIGER project, having recently secured a 12MW berth off the coast of Anglesey, together with its partner Nova Innovation .
The companies are looking to install their first turbines in 2023/24 at Morlais tidal energy site.
Sabella also recently signed a memorandum of understanding with H2X-Ecosystems for the development of green hydrogen production system powered by tidal energy .
In addition, the company finalized the design of the new gravity-based foundation for tidal turbines which combines concrete and steel for greater cost-competitiveness.
The novel hybrid foundation solution should be implemented on all of Sabella’s future projects, the company said.