FPP targets €10M capital raise for wave and wind hybrid

Illustration/P37 wave and wind platform (Photo: FPP)

Floating Power Plant (FPP), a clean technology company headquartered in Denmark, is looking to raise €10 million to drive forward wind and wave hybrid technology projects in UK.

Anders Køhler, CEO of FPP, said: “We have chosen the firm Johnston Carmichael, to support us in our present capital raise of €10 million. Pushing forward on our strategy for commercialization, preparing our technology and our joint venture projects with DP Energy in Scotland and Wales.

“The capital raise will target sophisticated/professional investors only, with a minimum signing of €100,000. The target group is a combination of FPP’s current larger investors and a smaller group of new investors.”

In November last year, FPP teamed up with renewable energy specialist DP Energy to develop projects in Scotland and Wales that would harness the energy from both wind and waves using FPP’s hybrid technology.

FPP has developed the P80 technology platform that features 5-8MW floating wind turbine, combined with a 2-3MW wave energy extraction technology.

The two parties have also established project companies for Scotland and Wales to accelerate the development of project sites in the area.

FPP has raised over €15 million to date, with over €10 million from over 150 private shareholders, according to Christian Mellentin, Chairman of the Board at FPP.

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