Swedish cleantech startup NoviOcean, formerly known as Novige, is gearing up to launch an equity crowdfunding campaign through R Europe, formerly Seedrs.
This initiative will offer investors a chance to acquire equity in the company as it drives forward the commercialization of sustainable wave power technology. The campaign, which marks a significant step in NoviOcean’s growth, invites supporters to participate in its mission to revolutionize renewable energy by securing guaranteed equity stakes.
In September, the Swedish company unveiled it was looking for funding to scale its operations and integrate the technology into offshore wind farms. NoviOcean aims to co-locate the wave power plants alongside offshore wind farms to increase overall energy output while sharing infrastructure costs, ultimately making the solution more economically viable.
The full-sized NoviOcean wave power plant is 38 meters long and includes six vertical wind turbines that generate 300 kW of power, alongside solar panels contributing an additional 50 to 80 kW, said NoviOcean. The plant has a total output of around 1 MW, with an estimated capacity factor of 40%.
Designed for a lifespan exceeding 40 years, the system is expected to provide long-term reliability. Additionally, NoviOcean has proposed a 20-year delivery priority for major partners who commit early to the venture.