WSE targets $12M for wave energy device

Illustration (Image: flickr/Codex41)

Wave Swell Energy (WSE) is reportedly looking to raise Au$12 million to develop a wave energy array in Australia.

WSE is eyeing King Island, off Tasmania, to deploy its first wave energy plant, with the plans to spend Au$5 million for such undertaking, according to The Australian.

Its wave energy technology has been under development in cooperation with the Australian Maritime College (AMC) in Tasmania, and with the Au$12 million the company is looking to raise starting from next month, WSE would secure enough funding to develop King Island project and prepare for the delivery of other projects, the Australian reports.

WSE’s shares to be issued amount to 2.5 million, at Au$4.80 each, the Australian informed.

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