Having raised a little over €550,000 and beating the funding round’s minimum target, the Swedish wave energy company Seabased has decided to extend the subscription period for its crowdfunding campaign.
The campaign, which went live on April 3, on the Nordic equity crowdfunding platform Invesdor, has been extended until May 19, 2018, for over-subscriptions to a maximum of around €1.5 million (SEK 15 million).
The decision comes after Seabased broke its funding round’s minimum success level set at a little under €500,000 (SEK 5 million).
Seabased said it has ongoing investor negotiations that will have positive effect for the funding round should negotiations be realized within the new subscription period.
Additionally, Seabased noted it expects to release more news of their recent operative development within the timeframe of the new subscription period.
This will be the only extension of the crowdfunding round on Invesdor, regardless whether the above materializes in the new time-frame, according to Seabased.
The funds from this round will be used to scale production resources to meet demand, to continue to develop the R&D and testing processes, and for business development and general corporate purposes.
“We’re in the midst of a few negotiations that we anticipate will be realized within the new subscription period, and these have led us to extend the crowdfunding campaign until May 19. Any additional funding will be directed toward scaling production, R&D, and further strengthening the team,” the company’s CEO Øivind Magnussen said.
Seabased plans for IPO at Nordic stock exchange get underway
The crowdfunding campaign represents the first step towards Seabased’s planned Initial Public Offering (IPO) at a Nordic stock exchange in 2018.
In this regard, the Board of Directors of Seabased have moved forward with plans to list the company on the Oslo Merkur market, Seabased said.
An investment bank has been chosen and will be announced in the near future. While the move is part of a longer term capital raising strategy in preparation for commercialization, the immediate benefits of listing include liquidity for shareholders, the company said.
To remind, Seabased recently signed a contract for a 100MW utility scale wave park with TC’s Energy in Ghana, and made partnerships for the development of other wave energy plants in Sri Lanka and Canary Islands.
The company’s pipeline of projects is over 2,500MW or €3.7 billion, and the current visible opportunity amounts to over €25 billion – over 18,000 MW, Seabased said.