Barcelona-based clean energy startup Smalle Technologies, a company that wants to market a wave-powered electricity generator for buoys, has closed a €240,550 investment round on Crowdcube Spain. This is the third funding round for the University of Barcelona spin-off. In total, 157 people invested with an average investment of € 1,532.
Founded in July 2012 by a group of professors and researchers and one entrepreneur, Smalle Technologies aims to develop and market power generation labeled “eForcis”. The innovative electricity generation system is designed to supply energy created by the ocean with moored buoys.
In contrast to the traditional power generation systems for buoys, which use solar panels and batteries, eForcis is said to offer a significant advantage because it is more consistent and does not contaminate its surroundings. Additionally, eForcis can substitute or supplement conventional energy generation methods. Smalle Technologies is also developing the “BeForcis”, an electricity generator with an integrated buoy for fish-farming units.
Smalle Technologies is also developing the “BeForcis”, an electricity generator with an integrated buoy for fish-farming units.
Since 2012, the startup has raised €660,000 in private investment – with two other investment rounds in 2013 and 2015 – and some €400,000 in public funding from the Centre for the Development of Industrial Technology (CDTI), the Empresa Nacional de Innovación (ENISA), and the European Commission, among other organizations.
The new capital will be used to market eForcis for the meteorological and oceanographic buoys around the world.
Crowdcube began operating in Spain in 2014. The platform has channeled more than €7 million for 37 companies. Crowdcube is authorised by the Spanish Securities
Market Commission (CNMV) as a participatory financing platform since July 2016 and it is certified by Catalonia Trade and Investment (ACCIÓ) for its quality and transparency.
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