Witt beats equity raise target by over £1 million
Witt Energy has overfunded by more than £1 million on its equity raise campaign, prompting the company to extend the duration of the campaign to further capitalise on investment interest.
Witt, whose original target was £750,000, has attracted investment from across the globe including Australia, South America and the Arab States, the company informed, with the amount raised currently standing at over £2 million.
The Plymouth-based company has launched the equity raise campaign on March 7, 2016, to accelerate the WITT technology manufacturing for its first application as the 200-Watt Marine WITT.
The company has also extended the Crowdtube raise deadline, which will now end on April 16, 2016.
Mairi Wickett, Witt Energy’s CEO, said: “To have overfunded by more than £1 million is just staggering. This investment will not only allow us to put the 200-Watt Marine WITT into production, but also enable us to develop and commercialise other WITT applications, and open doors to develop relationships with licensing partners.”
The Marine WITT is set to provide autonomous power for marine applications, such as large-scale survival units, desalination, offshore fish farms and a range of products that need a constant power source, according to Witt.
Contained within a sealed unit, WITT’s technology utilizes a 3D pendulum which drives the transmission system, converting all motion, in any combination of the six degrees of freedom, into a single unidirectional rotation of a flywheel, to produce electricity.
The WITT technology is patented and has the backing of global partners Schaeffler, Ricardo, and Gibbs Gears, in addition to support of the Universities of Bristol, Plymouth and Southampton.