Photo: The installation of Seabased wave energy converters (Photo: Seabased)

Seabased rounds up €715K crowdfunding cash

Swedish wave energy company Seabased has closed the crowdfunding campaign on the Invesdor platform having secured close to €715,000 from 250 new investors around the world.

The extended equity crowdfunding campaign, which started on April 3, 2018, yielded just under half of the maximum target amount set at around €1.5 million (SEK 15 million) for the Swedish developer.

The €715,000 (SEK 7.3 million) secured through this round will be used to scale production resources to meet demand, continue development of the R&D and testing processes, and for business development and general corporate purposes, Seabased said earlier.

Commenting on the campaign outcome, the company’s Chief Executive Øivind Magnussen said: “Seabased is pleased with the success of the equity crowdfunding and excited to welcome over 250 new investors from all corners of the globe.”

The crowdfunding campaign represents the first step towards Seabased’s planned Initial Public Offering (IPO) at a Nordic stock exchange in 2018.

To remind, Seabased recently signed a number of contracts for wave energy developments across the globe. These include the agreement for a 100MW utility scale wave park in Ghana, partnerships for the development of other wave energy plants in Sri Lanka and Canary Islands, and most recently in the Caribbean.

According to the information from Seabased, its pipeline of projects is over 2,500MW or €3.7 billion, and the current visible opportunity amounts to over €25 billion – over 18,000MW.