In early March Witt Energy launched a Crowdcube campaign to secure £750,000 for its patented fully scalable innovative energy harvesting system. During its first week on the equity crowdfunding platform, the UK tech company scored £500,000. Now, in the campaign’s final hours the amount raised for 7.08% equity has surpassed the original modest exceptions by 285%: over £2,144,338 by over 1481 investors for A (£10,000), B shares. To date, the largest investment was for £150,000. The reasons for the campaign’s extension were posted on Crowdcube:
“Because of the number of conversations that Witt is still having with specific investors from both the UK and also abroad, who want to invest but require an extra few days to provide the necessary paperwork the campaign is extended until midnight this Saturday.“
The company, which is chaired by former Royal Navy Commander-in-Chief, Admiral Sir James Burnell-Nugent KCB CBE, created the system which converts any motion on land, sea and air into electricity. To recap, the first units to be manufactured are known as 200 Watt Marine WITT and will reportedly provide autonomous power for numerous marine applications requiring renewable power 24/7. The company plans to work with Global Bearings Company Schaeffler, and Gibbs Gears, to ensure that it brings this product to manufacturing readiness without risk. Besides the manufacturing of the system, the funds will also go towards commercialization, marketing, IP and business costs, along with the main third party development cost will be with Gibbs Gears.
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