Danish company Wavepiston has launched a crowdfunding campaign with the ambition of raising up to €1.5 million that will be used for its wave energy technology.
The €1.5 million expected to be raised in 2024 will be instrumental in further demonstrating and commercializing the wave energy technology, Wavepiston said.
Specifically, these funds will be allocated towards demonstrating time-series data from the full-scale system, continuing technology development and developing commercial pilot wave farms.
This is anticipated to pave the way for strategic partnerships in 2025 with investors and partners possessing a broad industry network and invaluable scaling experience within the offshore and renewables sectors.
According to the company, pre-registered investors have already committed more than €438,000 on the Seedrs platform .
Wavepiston’s wave energy system consists of energy collectors placed in the ocean which produce pressurized seawater which is transported to the shore where power generation and reverse osmosis units for desalination are located.
The Danish company in February installed its first full-scale energy collector on the Wavepiston string at the Oceanic Platform of the Canary Islands (PLOCAN) in Gran Canaria.
A month later, Wavepiston and Export Barbados (BIDC), an agency of the Barbados Government, announced they were set to explore the deployment of wave energy farms offshore Barbados.