Oscilla Power, Inc. is pleased to announce the launch of a private placement offering in accordance with Regulation Crowdfunding (Reg. CF) adopted by the U.S. Securities and Exchange Commission (SEC) through MicroVentures.
Oscilla Power, Inc. is developing advanced technology to extract energy from ocean waves. They are developing the Triton and Triton-C wave energy converters that promise to substantially lower the cost of extracting energy from the ocean. The ocean wave energy market is projected to grow at a compound annual rate of 24% to over $15 billion by 2027.
Oscilla Power was founded in 2009 and has received over $20M in federal and over $5M in private funding to develop their technology. They are currently completing construction of their first commercial-scale system, the Triton-C, a 100kW wave energy converter which is expected to be tested in Hawaii next year. This system is currently being constructed in Seattle at the Snow & Company shipyard.
The Triton-C has been substantially funded through the US Department of Energy’s Water Power Technologies office, who have committed over $5 Million to date towards the design, development and construction.
According to Oscilla Power’s President, Balky Nair, “The bulk of the funds from this new Reg CF raise are intended to go towards completing the final outfitting and early activities towards deployment of the Triton-C in Hawaii.”
Oscilla Power expects that the successful demonstration of the 100kW Triton-C wave energy system will be one of the last steps needed to commercialize their wave energy technology and will be a crucial stepping stone to prove the success of the 1 MW utility-scale Triton system in the coming years.
About Oscilla Power, Inc.:
Oscilla Power, Inc. is an ocean wave energy technology company that is developing an advanced wave energy converter aiming to unlock the tremendous renewable energy potential of the world’s oceans.
About MicroVenture Marketplace, Inc.:
MicroVenture Marketplace (“MicroVentures”) is a registered broker/dealer and member of FINRA and SIPC. MicroVentures offers the sale of private placements in early and late stage companies in various industries, facilitates secondary transactions in private companies, and serves as a crowdfunding intermediary in accordance with Regulation CF.