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Wello raises EUR 2 million through crowdfunding

Wello’s Penguin wave energy converter has been deployed at the European Marine Energy Centre in the Scottish Orkney archipelago since 2012.Credits: : Wello

Finnish wave energy company Wello has closed a successful round on crowdfunding platform Invesdor, reaching its maximum target of two million euros.

Wello ran the investment campaign for a month and offered the public a chance to buy equity in the company. The initial goal of raising one million euros was surpassed after a week.

Investments started to skyrocket after news emerged last week of Wello’s deal with Chinese conglomerate CIMC to introduce its wave technology in China.

In response to the crowdfunding campaign, Wello commented on its website, “A big thank you to all the investors which made it possible to hit our two-million maximum target. We look forward to a successful 2018 and the years to come.”

Wello is a pioneer in wave energy technology and, after more than a decade of development work, its Penguin wave energy converter (WEC) has finally been commercialised. The wave energy field is still vastly unexplored and valued at over 74 billion euros.

Published on 16.02.2018