Wello, a Finnish clean energy company that provides a wave energy based solution called the Wello Penguin, is now looking to raise a minimum of €1 million (max of €2 million) through its equity crowdfunding round on Invesdor.
Founded by Heikki Paakkinen, Wello revealed that with commitment and passion, it has developed the Wello Penguin into a product that is now ready to be commercialized. The solution is also based on a new and unique concept for capturing energy from waves and turning it into renewable electricity.
“Wello Penguin units can be added up to form a wave energy park and it is a scalable solution that fits many needs. The simplicity of the Wello Penguin is the result of innovative work and practical engineering. Ocean waves provide an endless resource for clean and renewable energy and the market is practically unexplored yet. The Wello Penguin’s market potential is global, as the solution is viable on almost any ocean coast. The Wello Penguin has been tested now for almost 10 years in the harshest conditions and it is patented and proven.”
The company also noted:
“The Wello Penguin is a wave energy converter that works in harmony with the environment. It complements wind and solar energy by being a more stable source of renewable power and it does not produce visual or noise pollution. The benefit of the Wello Penguin is also based on the durable and easy to maintain design. All critical parts are placed inside the hull and they are not in contact with sea water.”
Wello then revealed that an average sized Wello Penguin device of xx MW costs approximately €2.4 million. The size and the cost of the Wello Penguin depends on the site. All funds from the Invesdor round will be used to continue the company’s expansion. So far, the campaign has secured more than €530,000. It is set to close on February 14th.
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