While its equity crowdfunding campaign was held on Crowdcube, WITT Energy reportedly received some support from reward-based platform, Crowdfunder UK. Last month, the company launched the initiative 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.
The company, which is chaired by former Royal Navy Commander-in-Chief, Admiral Sir James Burnell-Nugent KCB CBE, the former, created the system that converts any motion on land, sea and air into electricity. It as noted:
“We already have working prototypes that demonstrate the WITT technology capability. The next stage will be to use this funding to build the first WITT products to be sold to potential customers already wanting WITT products based on current discussions. This will move the company into profitability.”
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.
The Crowdfunder UK team stated on Tuesday:
“Crowdfunder helped WITT plan their equity raise on equity platform Crowdcube. One of the first companies to invest in their fundraise was energyshare, who pledged £150,000. From there it snowballed, with thousands of investors supporting the pioneering idea. Crowdfunder helped WITT to raise an amazing £2,300,000 from 1,400+ investors, and making their raise the largest equity crowdfund by a Cleantech company.”
Witt Ltd CEO Mairi Wickett commented:
“We are delighted. We have done better than we ever imagined. We are passionate about commercialising our technology to enable users around the world to generate their own power!”
Besides the manufacturing of the system, the funds will also go towards commercialisation, marketing, IP and business costs, along with the main third party development cost will be with Gibbs Gears.
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