Australian wave energy developer WaveX is approaching completion of its current seed raise, securing 82% of its targeted funding round ahead of the June 30, 2025 deadline.
The Perth-based company has partnered with LIQUIDITY as lead manager to finalize the seed raise. The final push is said to get WaveX “over the line” and trigger an AUD 2.4 million (around $1.5 million) government grant once completed.
According to the company, the raise is led by company directors, the CFO, and existing investors, with support from Perth Angels and other industry participants.
ROC Technologies Holdings, trading as WaveX, is undertaking a capital raising to secure up to AUD 2.150,000 through the issue of fully paid ordinary shares at an offer price of AUD 123,00 per share.
LIQUIDITY said that WaveX has already secured AUD 1.01 million in commitments, and is offering 12 more parcels starting at AUD 100,000.
The company holds early-stage innovation company (ESIC) status, allowing eligible shareholders to claim a 20% tax offset and a 10-year capital gains tax exemption, subject to professional advice.
WaveX’s D-Spar is a floating steel buoy designed to convert ocean wave motion into electricity for industrial and utility-scale use. The platform generates power from wave energy, offering a renewable source of electricity for various applications.
The D-Spar system is said to be a solution for intermittent renewable generation, providing stable power when wind and solar output drop while reducing reliance on grid-scale batteries.
In March, WaveX was seeking a SEED investment round to fund the next development phase, aiming to scale up its wave energy technology.
The same month, London-headquartered firm Arup joined forces with WaveX to accelerate the development of the D-Spar wave-powered generator technology. The collaboration follows the signing of two memorandums of understanding (MoUs) to advance wave energy projects and optimize the D-Spar system.