U.S.-based wave energy company Oscilla Power has raised over $100,000 in an ongoing crowdfunding campaign on StartEngine platform.

Oscilla Power’s Triton wave energy device concept (Courtesy of Oscilla Power)
Oscilla Power’s Triton wave energy device concept (Courtesy of Oscilla Power)

Oscilla Power’s latest fundraising round has a target of $3 million at $2.03 per share.

The proceeds from the campaign will be used to support Oscilla Power’s plans of introducing its wave energy system to India, through the development and deployment of a utility-scale megawatt-size system, the company said earlier.

Oscilla Power has developed a Triton device, which is a multi-mode point absorber that consists of a geometrically optimized surface float connected to a ring-shaped, vertically asymmetric heave plate.

Triton’s surface float can extract energy from ocean waves in all six degrees of freedom allowing for increased energy capture across a wider range of ocean conditions, Oscilla Power claims.

Balky Nair, co-founder and CEO of Oscilla Power, said: “Thank you to all our investors for your support and belief in our mission. Together, we will capture the massive potential power of the ocean to build a more sustainable future”.

The company is currently performing final assembly of its 100kW Triton-C demonstrator, set for deployment off Hawaii later in 2021.

Oscilla Power expects that this deployment will serve as a proof-of-concept product for other small communities along the U.S. Pacific Coast, Alaska, Hawaii, and remote islands.

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