Bristol-based wave energy developer Embley Energy is looking to secure funding to take the development of its Sperboy wave energy concept to the next stage.
The capital raised will be used to fund a detailed design and specification, further wave tank trials, energy production projections and further feasibility studies, Embley Energy said.
The company is developing a Sperboy wave energy device, which is a floating buoy with an oscillating water column inside.
Michael Burret, Managing Director of Embley Energy, said: “This investment opportunity is currently most suitable for the angel investor or early-stage investor. Our current business projections show the devices competitive advantage over other renewable sources out there, generating energy at a cost of between £30 to £57 per MWh, while the renewable energy market currently offers between £70 and £90 per MWh.”
The Sperboy device is currently in ‘late stages of development’, according to Embley Energy. The company also said it expects to launch a broader crowdfunding campaign in 2018.