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Wavepiston

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We Make Wave Energy Competitive.

121%
 - 
Funded 14 Dec 2020
€2,000,007 target
€2,430,605 from 1,556 investors
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Business overview

Location Helsingør, Denmark
Social media
Website www.wavepiston.dk
Sectors Energy Non-Digital B2B
Company number 35680829
Incorporation date 5 Mar 2014
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Investment summary

Type Equity
Valuation (pre-money) €10.1M
Equity offered 19.36%
Tax relief N/A
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Business highlights

  • Renewable energy based on the energy in the waves
  • Electricity production & desalination (potable water) planned
  • Non-intrusive: Does not spoil the view, nor the environment
  • €5.5M EU grants secured for demonstration at commercial scale
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Key features

  • Secondary Market
  • Seedrs nominee min. €10.94 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 1,556
  • Discussion
  • Documents

Idea

Introduction

Our vision is to make wave energy an important player in the portfolio of renewable energy sources, ensuring a reliable supply of clean energy and clean drinking water.

The wave power potential is huge. We believe that wave power can cover 50 pct. of the world's electricity needs.

Our initial focus is on islands, hotel resorts and remote coastal areas. Around the world a large number of these communities are relying on diesel generators as their main power supply. We believe wave energy plays a crucial role in replacing these.

Wavepiston is a patented, breakthrough technology. In optimal conditions, Wavepiston systems are initially expected to deliver electricity at a cost of €0.2 per kWh as opposed to an average cost of € 0.38 per kWh from diesel generators.

We expect that desalinated water can be produced at a price of €1 per m3. Prices are expected to drop significantly as technology matures.

Wavepiston is easy to transport and install. Installations are non-intrusive, with low visual impact and with no negative environmental effects recorded or anticipated.

Substantial accomplishments to date

• 2009: The conceptual patent on Force Cancellation awarded.

• 2008 – 2013: Over €200k raised from private equity and thousands of hours of work invested.

• 2010 – 2011: Proof of concept through scale 1:30 model tests in wave tank at Aalborg University.

• 2012 – 2013 - Offshore testing with scale 1:9 model at Nissum Bredning, Denmark.

• 2014 – 2019: € 2.9M raised via partners, grants and private equity.

• 2014 – 2019: Development and offshore testing of prototype scale 1:4 - 1:2 in The North Sea off Hanstholm, Denmark.

• 2018 – 2019: Raised EUR 5.5M in grants from EU programmes SME Phase 2 and Fast Track to Innovation for two full-scale demonstration projects.

• 2020: First installation of the full-scale demonstration system at Gran Canaria, Spain, started in November 2020.

Monetisation strategy

Wavepiston is a wave energy technology provider. We plan to develop and demonstrate the Wavepiston system 2020-2022, and then install wave powered electricity and desalination plants in co-operation with project developers.

From 2022, Wavepiston is expected to enter the commercial phase based on results from the full-scale installations. Wavepiston systems will be sold as turn-key projects. To minimise the risk for the customers on the initial projects, Wavepiston will play an active role together with project developers to prepare and secure funding on behalf of the customer, and to execute the projects successfully.

The first commercial system is expected to be installed in 2023. We have ongoing investigations at several, specific locations e.g. Canary Islands, Cap Verde, Maldives, Malta, Martinique, Marshall Islands, Philippines, and Sardinia. The specific investigations are reflecting a total of 45 MW installed capacity, reflecting a turnover of €220M potential.

Use of proceeds

Wavepiston's demonstration phase budget from 2019-2022 is estimated at €9.7M. Of this, €5.5M is secured already from EU grants, €0.7M is secured from Co-developers, and finally €3.5M in equity is required. This campaign forms part of the equity raised, with €2m being targeted now, and any remaining balance of the €3.5m to be raised next year. This budget is intended to be used to demonstrate the technology at full-scale and to prepare for commercialisation. Elements include:

A. Full-scale demonstration project with electricity production connected to a micro grid.

B. Full-scale demonstration project with a combined electricity production and desalination system.

C. If applicable enter a partnership with a large industrial partner – First exit possibility for investors.

D. Prepare the first small commercial wave power systems on an island or a coastal community replacing diesel generators for both electricity and desalination.

Critical Success Factors for this phase:

• Demonstrate power to grid.

• Demonstrate desalination potential.

• Optimise power production.

• Optimise production of desalinated water.

• Optimise for large scale production.

• Agreement on a commercial project at an island or coastal community.

Key Information

Share Classes

Please note, Wavepiston has 2 share classes outstanding, A and B.

A shares are held by the founders, with B shares held by investors.

Investors in this round via Seedrs will be issued with B shares. These shares are the highest ranking share and have preferential dividend rights to A shares.

Currencies

Please note, other investors in this round are investing in Danish Krone (DKK). The share price for the round is set at 81.5 DKK.

Investments made in Wavepiston in DKK are converted at the ECB reference rate as of 23/11/2020 when being reflected in the progress bar of the campaign. Any investment in Wavepiston in DKK will be converted with an exchange rate of 7.4472 DKK per Euro for the duration of the campaign.

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If you successfully purchase a share lot of this business, you will be granted access.

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If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €10,097,347

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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