Australian-based wave energy leader Wave Swell Energy has opened up shares in its renewables energy business on leading Equity Crowdfunding platform Equitise.

Wave Swell Energy is the world’s leading proprietary near shore technology that converts the energy in ocean waves into clean, emissions free and sustainable electricity.

Founded in 2016 by Mathematics and Oceanography PhD, Dr Tom Denniss, and investment banker, John Brown, Wave Swell Energy has quickly become a global leader. Its technology has no impact on the environment, even creating an artificial reef, and with no moving parts in the water, is more survivable in storms and costs less to maintain than previous forms of wave energy.

With plans to rapidly scale and grow, Wave Swell Energy is currently developing a 200 kW wave energy project that is to be installed in the ocean off the east coast of King Island, between Tasmania and the Australian mainland. This electricity can be transmitted to shore and into the grid and, once adapted at scale, has the potential to be more cost effective than existing forms of energy.

The project aims to demonstrate the ability of the company’s technology, when installed at large scale, to produce electrical energy at a cost comparable to that of new coal-fired power plants. Wave Swell Energy is collaborating with Hydro Tasmania and the King Island Council and community to ensure the project is developed to be of benefit to all stakeholders.

Founder of Wave Swell Energy and CEO, Dr Tom Denniss, says Australia is one of the best locations in the world to advance renewable wave energy.

“Australia is a leader in wave energy technology and Hydro Tasmania plans to be the first utility in the world to integrate wind, wave and solar energy, which is a game-changer for the industry,” he said.

CoFounder of Equitise, Chris Gilbert says Wave Swell Energy’s equity crowdfund has social benefits, provides cost efficiencies for the way we currently source and create energy and has long lasting environmental benefits.

“Wave Swell Energy is an opportunity to invest in the future, to be a part of the renewable energy movement. We understand a lot of investors nowadays are looking for opportunities that not only have a potential for high returns, if the company does well, but one that is socially driven as well, 4 in 5 (82%) Australians consider important social issues when investing,” says Gilbert.

CSIRO study finds enormous potential in wave technology

According to CSIRO projections, wave energy could provide a viable contribution to Australia's future energy mix.

An extensive study and research project earlier in the year, led by CSIRO Oceans and Atmosphere experts including oceanographers, economists and engineers, found the potential for wave energy in Australia is enormous. 

According to the CSIRO’s preliminary studies, the energy in waves impacting the southern coastline of Australia is five times the country’s current electricity usage, as the strong Southern Ocean winds generate consistently large waves that travel northwards to Australia's southern coastline. The large consistent and predictable swell provides ideal conditions for wave energy production - an advantage of this energy technology over other renewables such as wind and solar.

CSIRO research shows wave energy could contribute up to 11 per cent of Australia’s energy needs (enough to power a city the size of Melbourne) by 2050, making it a strong contender in Australia’s renewable energy mix.

The Wave Swell Energy Equity Crowdfunding campaign will run for six weeks seeking investment from $480 and up to $10,000 for retail investors, with the option of sophisticated investors to also join the campaign.

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