Seabased has partnered with Nordic equity crowdfunding platform Invesdor to raise up to 15 million SEK (approximately $1.8 million).
Courtesy of Seabased
“Wave power is emerging as an exciting source of renewable energy,” said Seabased CEO Øivind Magnussen.“As the industry approaches commercialization, Seabased is poised to be among the first utility-scale players.”
Seabased recently signed a contract for a 100MW utility scale wave park with TC’s Energy in Ghana. While it plans an Initial Public Offering at a Nordic stock exchange in 2018, Seabased decided to work with Invesdor as a first step.
“We have had a great group of supporters and investors,” Magunssen said. “But we need to be ready to meet the demand, and we felt now was the time to offer everyone the chance to be part of this vision to help the planet, and help people—and to make money doing it.”
The company is also currently in late, or final stage, negotiations with other customers for utility scale commercial contracts for an additional 100 MW / €160 million ($197.7 million). The company’s pipeline of projects is over 2,500 MW or €3.7 billion ($4.6 billion).
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.
“Seabased is launching its commercialization efforts in markets where we can be cost competitive from the start, including shoreline regions with 1-3 m waves and a cost of electricity at or above about $.10 cents per kWh,” said Magnussen. “In such markets, our wave energy technology can often out-compete other renewables on price. It also is virtually invisible and uses almost no land area.”