Wello, a Finnish clean energy company that provides a wave energy based solution called the Wello Penguin, is set to close its equity crowdfunding round on Invesdor with more than €1.5 million from nearly 600 investors. The funding round was launched at the beginning of the year and quickly surpassed its original €1 million funding target.
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.”
All funds from the campaign will go towards the growth and development of the company. The funding round, which originally scheduled to close in February, is currently set to close at the beginning of May.
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