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Wavepiston

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We Make Wave Energy Competitive.

141%
 - 
Funded 20 Feb 2023
€1,400,004 target
€2,021,505 from 1,088 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) €13.9M
Equity offered 12.48%
Share price €11.44
Tax relief N/A
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Business highlights

  • Production of clean electricity and desalination of seawater
  • Non - intrusive: Does not spoil the view, nor the environment
  • €2.4M equity raised in the first round in 2020/2021
  • €6M EU grants secured for the demonstration phase
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Key features

  • Secondary Market
  • Seedrs nominee min. €11.44 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 1,088
  • Discussion
  • Documents

Idea

Introduction

Wavepiston is a revolutionary technology that harnesses wave energy to create clean electricity and clean water. The patented system uses a standard hydropower turbine and reverse osmosis system. We are on the verge of finalising the demonstration phase and entering the commercialisation of the technology.

The global wave energy potential is vast. We believe that wave energy plays a crucial role in replacing fossil fuels and ensuring clean drinking water. Our initial focus is on islands, hotel resorts and remote coastal communities that rely on diesel generators as their main power supply, often lacking fresh water.

The Wavepiston system is initially expected to deliver electricity at a cost of € 0.13-0.2/kWh and desalinated water at a price of € 0.7-1/m3. Prices are expected to drop to one-third as the technology matures and scales up.

The installation is non-intrusive to the environment, with low visual impact and no negative environmental effects recorded.

Substantial accomplishments to date

• 2009: The conceptual patent on Force Cancellation was granted.

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

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

• 2012 – 2013: Offshore testing with a 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 at Hanstholm, Denmark.

• 2018: Patent on the power take-off system granted.

• 2018 – 2021: Raised € 6M in grants from EU programmes, SME Phase 2 and Fast Track to Innovation for two full-scale demonstration projects, and participation in the VALID Horizon 2020 development project on accelerated testing.

• 2020 - 2021: Raised € 2.4M of equity in the first round of the Seedrs campaign for the demonstration phase.

• 2020 - 2021: Trial installation of the full-scale demonstration system in Gran Canaria, Spain, December 2020 – March 2021.

• 2022: Started the installation of our full-scale system at Gran Canaria, commenced the accelerated tests of critical components and subsystems at the Technical University of Denmark (DTU), refined our digital twin model, and applied for 3 new patents.

Monetisation strategy

Wavepiston will deliver turn-key systems for producing wave-to-energy, wave-to-desalinated water or combined. Our revenue will be based on the installed capacity as well as operations and maintenance during the system's lifetime.

We are now in the demonstration phase, where we test and demonstrate the full-scale Wavepiston system in real-life conditions and mature the technology for commercialisation. The first full-scale system will be in operation in the second quarter of 2023.

In our 2-step go-to-market strategy, we first focus on islands, hotel resorts and remote coastal communities, introducing small-scale systems of 2 MW–20 MW that will replace diesel generators and desalinate seawater. Building up the value chain and economies of scale will lower costs and increase efficiency. This will open the second step focused on the utility-scale energy market and desalination installations. We expect to close the first commercial agreement in 2024 for an installation in 2027-28.

Use of proceeds

The budget targeted in this campaign will be used to finalise the demonstration of the technology at full-scale and to prepare for its commercialisation. The specific goals are as follows:

A. Full-scale demonstration project with electricity production connected to a 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 – the first exit possibility for investors.

D. Prepare the first small commercial wave energy systems on islands or coastal communities, replacing diesel generators for both electricity and desalination.

Critical Success Factors for this phase:

• Demonstrate power to the grid.

• Demonstrate desalination potential.

• Optimise power production.

• Optimise the production of desalinated water.

• Optimise for large-scale production.

• Agreement on a first commercial project in consortium with key suppliers and first-mover customers.

Key Information

Currencies

Please note, direct investors in this round are investing in Danish Krone (DKK). The share price for the round is set at DKK 85.

Investments made in Wavepiston in DKK are converted with an exchange rate of 0.1346 DKK per Euro for the duration of the campaign.

Shares classes

Please note, Wavepiston has 2 share classes: 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 B shares. These shares are the highest-ranking share and have preferential dividend rights to A shares.

Group structure

Investors in this round are investing in and will become shareholders of Wavepiston A/S (35680829). This is the holding company for the group. Wavepiston SL is a fully-owned subsidiary registered in Spain.

Investment Disclosure

€600k of the investment reflected as part of the amount raised was received by the company on 16/08/2022. The investment is on the same terms as the Seedrs investment.

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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 €13,862,386

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.

Learn more here

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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