Finnish wave developer Wello is looking to raise at least €1m by next month to take forward projects around the world.
The company is offering its shares at a minimum investment of 140 shares at a price of €3.73 each.
Wello wants to raise €1m-€2.5m by 23 April in exchange for equity of between 4.34% and 10.18% through the new funding campaign on Invesdor.
Current projects include a three-unit array of 1MW Penguin machines at the European Marine Energy Centre off Orkney.
The first device sank last week but the second Penguin (pictured) is due to sail from its Tallinn shipyward to Orkney soon, the company said.
Wello is currently negotiating with shipyards to make the third unit, it added.
Future projects include the 10MW Nusa Lembongan scheme in Indonesia, which is in the design phase.
“After much research, prototyping, and field testing we can say that everything works perfectly, the technology and survivability of the devices are proven and the Penguin is ready for commercial use,” said chief executive Heikki Paakkinen.
He added: “It’s been calculated that by 2050 wave energy could fulfill one-tenth of the world’s clean energy needs.”