How WITT technology raised £2.4m from 1,600 investors to turn motion into electricity
The WITT is said to be the only device in the world that can capture energy from all movement and turn it into power.
Admiral Sir James Burnell-Nugent dubbed it the most exciting new development in renewable energy since the invention of the solar panel.
So perhaps it's no surprise that the South West green tech company have just raised a staggering £2.4m from 1,600 investors on Crowdcube.
This blew their original target of £750k out of the water. It proved so popular, WITT ltd had already raised over £500k in the first week alone.
Ultimately the company raised £2.4m, making their raise the largest equity crowdfund by a Cleantech company on Crowdcube ever.
The equity crowdfund has allowed the Plymouth based company the funds required to begin manufacturing their patented and fully scalable new energy harvesting system.
As you can imagine, the team were overwhelmed with the results.
WITT Ltd CEO Mairi Wickett said: "We are delighted. We have done better than we ever imagined. We are passionate about commercialising our technology to enable users around the world to generate their own power!"
WITT Energy will use the Crowdcube funding to take their green technology into the manufacturing stage for its first application: the 200-Watt Marine WITT.
This will be used to provide power for marine applications like survival units, desalination and offshore fish farms.
The funding will also help with commercialisation, marketing and IP and business costs.
Mairi Wickett said: "It's an awesome result and we'd like to thank everyone who has invested in this amazing technology.
"This investment will not only allow us to put the 200-Watt Marine WITT into production, but it will also enable us to develop and commercialise other WITT applications, and open doors with licensing partners."
Luke Lang, Crowdcube co-founder said: "Highly innovative and exciting clean-tech businesses, like WITT Energy, that offer a socially responsible investment opportunity are hugely popular with our crowd of over 270,000 members.
"After attracting investment from 1,600 people, which invested more than £2.4m, WITT Energy has raised more than any other clean-tech business on Crowdcube to date."
Admiral Sir James Burnell-Nugent said:"I am both proud and pleased to be the Chairman of WITT Ltd.
"The technology is remarkable, the opportunities unbounded, the potential as great as one's imagination and the journey that lies ahead a truly exciting investment opportunity."