Wello, a Finnish clean energy company that provides a wave energy based solution called the Wello Penguin, has successfully secured its minimum €1 million funding target on equity crowdfunding platform Invesdor thanks to more than 275 investors.
As previously reported, Wello, which was founded by Heikki Paakkinen, stated 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.”
Wello also described the Wello Penguin as 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 went to report that the average sized Wello Penguin device of 0,6 MW costs approximately €2.4 million. All funds from the campaign, which is currently set to close on February 14th, will go towards the growth and development of the company.
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