Wello Seeks New Funding Wave
- Business & Finance
Finnish technology company focused on ocean-wave energy conversion, Wello, has launched a new funding campaign.
Wello is looking to raise €1 million – €2.5 million in exchange of equity between 4.34% and 10.18% until April 23, 2019.
Through Invesdor, Wello is offering its shares at a minimum investment of 140 shares, at a share price of €3.73 per share.
“It’s been calculated that by 2050 wave energy could fulfill one-tenth of the world’s clean energy needs. That potential is nowadays practically unexplored,” says CEO Heikki Paakkinen.
Wello has already deployed and tested the first iteration of its Penguin technology in Orkney, Scotland. WEC1, as the device is called, has just passed the two years mark of continuous deployment in the water.
WEC2, the newest Penguin model, will soon depart its Tallinn shipyard to be added to the Orkney grid, while WEC3, fully designed and under negotiations with the shipyard, is said to have shown massive power output promise.
In the past two years, Wello has received many inquiries for commercial wave parks (arrays of grid-connected devices) from all around the world. One of them, located in Indonesia, has been approved and is currently in the design phase. With 10 MW of installed capacity, the Nusa Lembongan site is presently the largest in-the-works wave-energy park on the planet.
“After much research, prototyping, and field testing we can say that everything works perfectly, the technology and survivability of the devices are proven and the Penguin is ready for commercial use,” adds Paakkinen. ”Wello is the leader in wave energy – there’s no comparable technology out there. We believe we can grow fast all over the world.”