Wello concept welcomed in India for two wave energy parks

Wello, the market leader in wave-energy conversion technology, has recently signed a Letter of Intent with Ixin Group (http://www.ixin.in).

In collaboration with the Indian government, Ixin is interested in acquiring Wello’s Penguin Core package for the construction of a 20MW and 10MW wave energy parks. They 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 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 €1M-€2.5M 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.

CAMPAIGN URL: https://www.invesdor.com/en/pitches/981
PRESS KIT: https://www.dropbox.com/s/9y9nxi7a1rgxc1a/Wello%20Press%20Kit.zip?dl=0
PRESS CONTACTS: CEO heikki.paakkinen@wello.eu | +358 40 757 5469

Wello Oy was established in 2008 with the development of the Wello Penguin product line. Over the years the company has secured several essential patents and has grown, getting new partners on board. Among Wello’s lead investors: Fortum Oyj, VNT Management, Innovestor Ventures, and Estlander Holdings Oy. Find out more at https://wello.eu

Invesdor is the online investment platform connecting ambitious European growth companies with investors worldwide. Find out more at https://www.invesdor.com/en/.

IXIN is part of the IXAR group who are market leaders since last five decades and specialized in Asset Integrity and Inspection activities, having diversified interests in green energy ventures. Find out more at http://www.ixin.in/index.html.