Wello adds EUR 1.7M in capital funding.
Wello, an Espoo, Finland-based company manufacturing technology for ocean-based energy production, announced that it completed a EUR 1.7M ($1.9M) capital investment round.
The money was provided by 707 investors via an equity crowdfunding campaign on Invesdor started in March 2019. The funding round had a one million target and closed in EUR 1.71M in investment at a EUR 22M company valuaion.
This is Wello's second capital raise in two years via Invesdor, as in 2018 it secured EUR 2M ($2.5M) from 759 investors which valued the company at EUR 19M.
Wello, founded in 2008 by CEO Heikki Paakkinen, developed the Wello Penguin, an ultra-durable wave energy converter that provides energy generation from the ocean waves and with no landscape disturbance compared to solar panels and wind turbines.
In April-May 2019, Wello will deploy WEC 2, a commercial Penguin device, in Orkney, Scotland. Penguin's solution for capturing energy from waves is unique and translates into infinite, renewable direct-to-grid electricity. Energy parks are created connecting various Penguin units, for scalable energy production to fit all needs.
By 2020, Wello estimates to make EUR 16M in revenue.