Witt Ltd has launched a £750,000 equity raise through the crowdfunding platform, Crowdcube, to take the WITT technology into manufacturing for its first application as the 200-Watt Marine WITT.
The Marine WITT is expected to provide autonomous power for marine applications, such as large-scale survival units, desalination, offshore fish farms and a range of products that need a constant power source.
As well as providing the first units for sale it will also establish the WITT’s capability to generate large-scale ocean power, the company informed.
The equity raise campaign has been launched on March 7, 2016, and will close on April 4.
The equity share on offer is 7.08%, and the company has raised £284,910 so far, with the largest single investment of £150,000.
Contained within a sealed unit, WITT’s technology utilizes a 3D pendulum which drives the transmission system, converting all motion, in any combination of the six degrees of freedom, into a single unidirectional rotation of a flywheel, to produce electricity, according to Witt Ltd.
The WITT team is working in collaboration with, and with funding support from, Mojo Maritime, DNV-GL, The Offshore Renewable Energy Catapult, The Universities of Bristol, Plymouth and Southampton, and Innovate UK.
The Plymouth-based company has also secured critical support from global players, Ricardo, Gibbs Gears, and Schaeffler, in building the 200-Watt WITT.