Last October, the Barcelona-based venture Smalle Technologies activated a funding round via the crowdfunding website crowdcube.es, which links companies looking for financing with individual investors. The company had an ambitious goal: get the amount of 200.000€ in order to finance their first project, the device “eForces”.
After almost three months, Smalle Technologies has exceeded its target on the CrowdCube Spain platform, reaping over 240,500€ for 11.79% equity from 157 investors. The funding round has recently closed raising 120% of the initial objective.
Their product “eForces”, is the first electricity generator of its kind. It transforms the motion of the sea waves into electricity, using electromagnetic principles, even when the sea is calm. The obtained funding will enable the company to install 4,000 units of the device over the next five year and it can now begin to be marketed after four years of research, development and field testing.
About Smalle Technologies
This startup has derived from Barcelona´s University and is supported by InnoEnergy for their activity in the energy harvesting industry. It develops new methods of sustainable exploitation of clean energy sources addressing energy supply shortage. The company owns technology designed to transduce mechanical energy into electrical energy through an innovative electromagnetic system design.