Danish wave energy company Wavepiston has reached 130% of its initial crowdfunding target, as the campaign remains open for two more days.
Wavepiston ’s second crowdfunding campaign, open for public on Seedrs platform for two more days , has so far secured €1.82 million in investment commitments – or €400,000 more than the initial target set at €1.4 million.
The proceeds from the campaign will finance the final stages of demonstration and commercialization of Wavepiston’s wave energy technology after years of extensive testing and development, the company said earlier.
“Reaching 130% of our initial goal, our equity campaign on Seedrs is ending soon! With an amazing €1.82 million raised from 932 investors, we are looking forward to all the great work ahead of us: finalizing the demonstration phase and starting the commercialization of our technology,” Wavepiston said on social media.
The campaign follows a successful first round in 2020/2021, when Wavepiston raised €2.4 million for the development of its wave energy technology .
At the moment, Wavepiston is finishing up the final factory acceptance test, and assembly of its energy collectors to prepare the units that will soon be deployed at the full-scale demonstration site at the Oceanic Platform of the Canary Islands (PLOCAN).
“We are delighted to demonstrate the capabilities of our technology and share it with others. Our aim is to have the system in operation in the second quarter of 2023. We are confident that launching the full-scale demonstration system will be a revolutionary milestone for both wave energy and the Wavepiston technology progress,” Wavepiston said.
The demonstration of Wavepiston’s wave energy-powered desalination system at PLOCAN is expected to enable the company to create the most effective wave to energy and water production system and limit possible failures or shortcomings in the future to the bare minimum.