Danish company Wavepiston has launched a crowdfunding campaign to raise up to €1.5 million to be used for wave energy technology
The 1.5 million euros expected to be raised in 2024 will be instrumental in the further demonstration and commercialization of the wave energy technology, according to Wavepiston.
Specifically, the funds will be used to demonstrate time-series data from the full-scale system, continue developing the technology, and develop commercial pilot wave farms.
This is expected to pave the way for strategic partnerships in 2025 with investors and partners with a broad industry network and invaluable scaling experience in the offshore and renewable energy sectors.
Pre-registered investors on the Seedrs platform have already committed more than €438,000, according to the company.
Wavepiston’s wave energy system consists of energy collectors placed in the ocean, which generate pressurized seawater that is transported to shore, where power generation and reverse osmosis units for desalination are located.
In February, the Danish company installed its first large-scale energy collector on the Wavepiston string at the Oceanic Platform of the Canary Islands (PLOCAN) in Gran Canaria.
A year later, Barbados announced that it would explore wave energy farms off its coast.
Offshore Energy
