U.S.-based wave energy company Oscilla Power has raised over $100,000 in an ongoing crowdfunding campaign on StartEngine platform.
Oscilla Power’s latest fundraising round has a target of $3 million at $2.03 per share.
The proceeds from the campaign will be used to support Oscilla Power’s plans of introducing its wave energy system to India, through the development and deployment of a utility-scale megawatt-size system, the company said earlier .
Oscilla Power has developed a Triton device, which is a multi-mode point absorber that consists of a geometrically optimized surface float connected to a ring-shaped, vertically asymmetric heave plate.
Triton’s surface float can extract energy from ocean waves in all six degrees of freedom allowing for increased energy capture across a wider range of ocean conditions, Oscilla Power claims.
Balky Nair , co-founder and CEO of Oscilla Power, said: “Thank you to all our investors for your support and belief in our mission. Together, we will capture the massive potential power of the ocean to build a more sustainable future”.
The company is currently performing final assembly of its 100kW Triton-C demonstrator, set for deployment off Hawaii later in 2021.
Oscilla Power expects that this deployment will serve as a proof-of-concept product for other small communities along the U.S. Pacific Coast, Alaska, Hawaii, and remote islands.