Seabased teams up with Investor for Equity Crowdfunding

09.04.2018

Seabased, a global leader in the emerging wave market, has partnered with Nordic equity crowdfunding platform Invesdor to raise up to 15 million SEK (approximately EUR €1.5 million). The investment profile is live at www.invesdor.com/seabased.

“Wave power is emerging as an exciting source of renewable energy,” said Seabased CEO Øivind Magnussen.“As the industry approaches commercialization, Seabased is poised to be among the first utility-scale players.”

Seabased recently signed a contract for a 100MW utility scale wave park with TC’s Energy in Ghana—a country working diligently to harvest clean energy from the sea. While it plans an Initial Public Offering at a Nordic stock exchange in 2018, Seabased decided to work with Invesdor as a first step.

“We have had a great group of supporters and investors,” Magnussen said. “But we need to be ready to meet the demand, and we felt now was the time to offer everyone the chance to be part of this vision to help the planet, and help people—and to make money doing it. We chose Invesdor because they are the premier Nordic online equity investment platform, and the only ones with a securities license and a legal team.”

The company is also currently in late, or final stage, negotiations with other customers for utility scale commercial contracts for an additional 100 MW / €160 million EUR. The company’s pipeline of projects is over 2,500 MW or €3.7 billion EUR and the current visible opportunity amounts to over €25 billion EUR (over 18,000 MW).

“We’ve built our own manufacturing facility and managed two pilot projects developing multi-generator parks. These have given us end-to-end experience, including permitting, site selection, design, and deployment,” says Magnussen. “We are now scaling up for commercialization, and this requires capital.”

The campaign, which went live on 3 April, has already attracted almost 2 million SEK (approx. €200 000 EUR) in investments, or 40% of the targeted amount of 5 million SEK (approx. 500 000 EUR). The round is open for over-subscriptions to a maximum of 15 million SEK (approx. €1.5 m EUR), and is running until 6 May, 2018. The price per share has been set to 9.5 SEK (€.95 EUR) with the minimum investment requirement of 750 shares.

The funds from this round will be used to scale production resources to meet demand, to continue to develop the R&D and testing processes, and for business development and general corporate purposes.

Practical, plentiful power

Seabased founder Dr. Mats Leijon, a Swedish professor of engineering, has won numerous global awards for his innovative work in renewable energy. He assembled a group of scientists, engineers, and experts in the environment and in industrial processes who built a portfolio of more than 100 patents for Seabased’s technology, which has now been ocean-tested for 10 years, had 4.5 years of total generator operation, and is ready for commercialization.

“Seabased is launching its commercialization efforts in markets where we can be cost competitive from the start, including shoreline regions with 1-3 m waves and a cost of electricity at or above about $.10 cents per kWh,” said Magnussen. “In such markets, our wave energy technology can often out-compete other renewables on price. It also is virtually invisible and uses almost no land area.”