The Wello Penguin wave converter is set for a second installation phase by the end of 2018 at the European Marine Energy Centre (EMEC) off Orkney.
The second of three installations designed by firm Wello Oy, the new device is being constructed at the Netaman shipyard in Tallinn, Estonia.
The wave power firm announced in February that it had hit its maximum crowdfunding investment, double its initial target.
Wello Oy confirmed today that they ran an original month long campaign with a target of €1million, which it surpassed after a week of the campaign.
The company is behind the one megawatt Penguin WEC-3, which is set to be deployed in the waters of Orkney later this year.
The crowdfunding campaign launched by the wave energy firm looked for donations in return for equity.
As news spread of Wello’s deal with Chinease conglomerate CIMC, interest in the equity began to skyrocket, with the company doubling its initial target.
Wello raised 60% of the investment it required in less than a week.
The second incarnation of the Wello Penguin is said to have a 110% production increase on the first model.
The third Penguin is due for deployment in 2019.
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