Seabased secures 70% of minimum fundraising target in one month

Swedish wave energy company Seabased has raised almost 70% of its minimum target in a crowdfunding campaign launched on March 16 and running until May 6. The company had set the maximum goal for the campaign at some $1.8 million (SEK 15 million), while the minimum target is approximately $600,000 (SEK 5 million).

Photo: Seabased

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 states on the Invesdor platform, where it is offering shares valued at 9,50 SEK a piece with the minimum investment set at 400 shares.

Furthermore, the crowdfunding 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 company recently signed a contract for a 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. In addition, the company is negotiating licensed production of non-core technology, in order to secure market access and competitiveness in certain regions.

Seabased wave parks produce electricity using wave energy converters, which consist of buoys connected to linear generators. The buoys move with the waves, and this motion generates power. A switchgear makes the electricity suitable for grid use.