Oscilla Power
Seattle-based Oscilla Power is developing energy conversion equipment to harness the power of ocean waves. The Triton, the company’s flagship wave energy converter, has undergone years of concept development, product validation, and laboratory and small-scale ocean trials to test its viability. The company holds 16 granted patents related to wave energy converter technology and product design of its wave energy system.
Oscilla Power closed a crowdfunding round with MicroVentures in November 2020 totaling $395,495. The company is opening another round aiming to raise a maximum amount o...
- Min investment
-
$100
- Amount raised
-
$313,632
- Goal
-
$50K-$140K
- Days Left
-
19
- Location
-
Seattle, WA
- Security Type
-
Convertible Note
A convertible security is a security that can be converted into another security, typically equity in the next round of financing. - Industry
- Energy
- Filed
- December 23, 2020
- Expires
- March 22, 2021
- Valuation Cap
- $13M
- Intermediary
- Construction of Triton C System
- Marketing
CrowdLustro Research Report
Use of Proceeds
Management
Co-Founder and President
Dr. Balky Nair has been serving as president and CTO of Oscilla since he co-founded the company. Dr. Nair has over a decade of experience developing cleantech-related materials, devices, and systems. He also serves as president for HiFunda LLC, which developed new technologies for the materials science, ceramics, multilayer devices, clean technologies, and catalysis markets. Prior to co-founding Oscilla, Dr. Nair was president and CEO of EmiSense, which generates emission sensors, before it was acquired by Coorstek in 2008. Dr. Nair holds an MBA from the University of Utah, a Ph.D. in Materials Science from the University of Wisconsin-Madison, and a Bachelor of Technology in Metallurgical Engineering from the Indian Institute of Technology in Mumbai, India.
Tim Mundon, Ph.D.
Vice President of Engineering
Dr. Tim Mundon joined Oscilla Power in 2013 and has 20 years of experience working within the marine renewables field, with a particular focus on wave energy. He is responsible for the execution of research projects and technology development, which includes the development of the Triton wave energy converter (WEC). Dr. Mundon is also an Affiliate Assistant Professor at the University of Washington’s Mechanical Engineering Department, where he provides guidance to graduate students and conducts research into marine renewable energy systems. Dr. Mundon holds a Ph.D. in Wave Energy from the University of Edinburgh and a Bachelor of Engineering in Electrical and Electronic Engineering from Cardiff University. He also holds a Chartered Engineer and a Chartered Marine Engineer certification from the Institute of Marine Engineering, Science, and Technology.
Rahul Shendure
Co-Founder and Board Chair
Rahul Shendure co-founded Oscilla Power in 2009 and is currently serving as Board Chair for the company. While serving as Board Chair, Shendure also co-founded and previously served as CEO for Bellwether Bio, a cancer diagnostics technology company, which was acquired by Guardant Health (NASDAQ: GH) in 2019. Prior to co-founding Oscilla, Shendure was vice president of product marketing for Amyris (NASDAQ: AMRS), a synthetic biology company spun out of UC Berkley, where he was responsible for corporate strategy, product strategy, cost modeling, and government affairs. Shendure holds an MBA from Harvard Business School and a bachelor’s of Science in Chemical Engineering from Massachusetts Institute of Technology (MIT).
Deal Structure
Discount: 20%
Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $13 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.