Wave of new investors for energy company
A REVOLUTIONARY renewable energy company chaired by a former British Sea Lord has raised half a million pounds from private investors to develop its power generating technology.
Witt Energy is seeking £750,000 through a crowdfunding offer on website Crowdcube and has now reached more than £500,000. The fundraising will represent just 7 per cent of the business, which is being valued at £10million.
The valuation is high for a company that has yet to sell any products, but it has been set to reflect what it believes is the revolutionary nature of its invention.
Designed by engineer Martin Wickett, the system works by capturing energy from motion, with the first designs focusing on wave power.
But rather than requiring tide or waves to flow in a particular direction, the device captures energy from any random movement, even if it simply bobs up and down.
Witt’s chairman, Admiral Sir James Burnell-Nugent, described the technology as ‘the most exciting development in renewable energy since the solar panel.’
The first planned product – the 200-watt Witt Marine – could be used to provide energy from ocean movement to a wide range of offshore situations, from lifeboats to offshore fish-farms.
The device could also be developed in a range of scales from pocket-sized to several metres.
The company envisages future products to provide energy from the simply motion of walking while carrying a small device, or from any other motion from wind, water or even animals.
The technology has secured patent protection and has won plaudits from the Duke of York, who in October named the firm as his entrepreneur of the week during his regular forum for startup companies, pitch@palace.
The crowdfunding funds will be used to finance the manufacture of a saleable version of the Witt Marine.