Wello raises almost €2 million in crowdfunding campaign

Penguin wave energy converter (Photo: Wello)

The crowdfunding round launched by the wave energy technology developer Wello through Invesdor is now closed, with the company raising €1,962,558 – just a little below its maximum target of €2 million. 

With more than €1.9 million raised, this became Invesdor’s second biggest non-IPO funding round ever, according to the digital fundraising and investment company.

The campaign with the price per share set to €3.73 started on December 21, 2017 and Wello surpassed its minimum investment target of €1 million after one week. With the recent news of Wello’s deal with Chinese conglomerate CIMC, the investments started to skyrocket, raising by 60% in less than a week, Wello said on February 15.

The funds will support Wello’s two-fold growth strategy. The Finland-based wave energy technology developer first plans to identify markets where its Penguin wave energy solution is already a good fit, such as the Penida Island in Indonesia, Easter Islands, Falkland Islands, and Greenland. The second stage of the strategy involves opening up new markets based on the increased competitiveness of the Penguin wave energy device.

An average-sized Penguin wave energy device currently costs around €2.4 million.

To support its growing wave energy ambitions, Wello plans to launch another funding round after this one, however, the timeline for the next campaign has not yet been specified.

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