Swedish-based wave energy developer, Seabased, is looking to raise capital to fund its operations by inviting the existing shareholders and external investors to subscribe for new shares.
The move comes following the cancellation of the share purchase deal with Seabased Holding AS (SHAS), which committed to invest $10 million in Seabased AB during 2016.
The company is now seeking to raise capital to fund its operations, which include the completion of the tests, as well as partnering activities with other companies to reduce costs and increase efficiency, all in preparation for the large-scale commercialization of its wave energy technology.
The raised funds will also be used to increase the capacity for the production, and strengthen Seabased’s research and development efforts, as well as to expand the workforce, which is in line with the above mentioned activities, Seabased informed.
Seabased’s Board has invited external investors and its existing shareholders to subscribe for new shares – 300,000 B shares total, at a price of SEK 20 ($2.48) per B share.