Wavepiston tops capital raise target, extends crowdfunding for further investments

May 30, 2024, by Zerina Maksumic

Danish company Wavepiston has reached and even surpassed the €600,003 target as a part of the capital raise for its wave energy technology.

With more than €643,000 raised on the Seeders platform with investments from 612 supporters, the company is now at 107% and is extending the crowdfunding campaign for five more days, to give more people the opportunity to become a part of the journey.

Launched on May 1, 2024, this crowdfunding campaign has the ambition of raising up to €1.5 million that will be used for the company’s wave energy technology. The funds raised will be instrumental in further demonstrating and commercializing the wave energy technology, Wavepiston said.

These funds will be used to showcase time-series data from the complete system, further advance technology, and establish commercial pilot wave farms.

This is expected to set the stage for strategic partnerships in 2025 with investors and partners who have extensive industry networks and invaluable experience in scaling within offshore and renewable sectors.

“I would like to thank all of you, both existing shareholders and new shareholders for supporting Wavepiston. I can assure you, we will continue working dedicated and hard on making Wavepiston a success and bringing wave energy to the world,” said Wavepiston CEO, Michael Henriksen.

“There’s been a lot of activity in the last few days, so we will keep the campaign open for a short while to allow the last investors to come on board. Then, we will of course, keep you updated on our progress.”

Wavepiston’s wave energy system comprises energy collectors deployed in the ocean. These collectors generate pressurized seawater, which is then conveyed to the shore where power generation and reverse osmosis units for desalination are situated.