Wave energy conversion technology company Wello has signed a letter of intent with Ixin Group that could see Wello’s technology deployed at two wave energy parks in India.
In collaboration with the Indian government, Ixin is interested in acquiring Wello's Penguin Core package for the construction of 20MW and 10MW wave energy parks, which would be deployed on the West coast near Mumbai, and East coast of India.
The authorities have already welcomed the concept, and the initial discussions were encouraging, Wello said in a statement. Wello is now in the process of applying for the Ministry's acceptance of the technology. Plans are for the devices to be in use by 2023.
Wello is currently looking to raise €1 million -€2.5 million in exchange for equity between 4.34% and 10.18%, with a minimum investment of 140 shares, at a share price of €3.73 per share. The funding campaign is being run on Invesdor and will be open until April 23, 2019.
