Seabased launches wave energy fundraiser

Swedish developer Seabased has launched a crowdfunding campaign, targeting the maximum amount of $1.8 million, to support its wave energy development activities.

The fundraiser launch is part of Seabased’s goal to create a significant momentum into a planned initial public offering (IPO) within 2018, according to the company.

The maximum goal for the campaign, which started on March 16, 2018, has been set at approximately $1.8 million (SEK 15 million), while the minimum target stands at little under $600,000 (SEK 5 million).

So far, Seabased has managed to secure $206,8000 (SEK 1.7 million) – offering shares valued at 9,50 SEK a piece with the minimum investment set at 750 shares.

The funds from this round will be used to scale production resources to meet demand, continue develop the R&D and testing processes, and for business development and general corporate purposes, Seabased said on Invesdor platform.

To remind, Seabased has recently signed a contract for 100MW wave energy park, valued close to $200 million, with TC’s Energy of Ghana and is currently in late, or final stage, negotiations with other customers for utility scale commercial contracts for an additional 100MW/$200 million, the company said.

“We are working with our partners on specific opportunities for multiple projects in the Caribbean, West Africa, the Mediterranean, the Indian sub-continent and South-East Asia; the combined pipeline potential is over $4.5 billion (over 2,500MW),” Seabased said.

In addition, the company is negotiating licensed production of non-core technology, in order to secure market access and competitiveness in certain regions.

The fundraising campaign runs until May 6, 2018.