Fortum and Sitra, the Finnish Innovation Fund, have increased their funding in
the wave energy technology developed by the Finnish company AW-Energy. The increased funding shows confidence in the WaveRoller technology which is developed and extensively patented by AW-Energy.
AW-Energy has also recently received funding from TEKES, the Finnish Funding Agency for Technology and Innovation, and it now has secured 7.3 million Euros to plan and design a next generation commercial scale 500kW WaveRoller device.
The WaveRoller is a submerged wave energy converter, based on a hinged panel that is attached to the sea bed in the near shore area. It generates
electricity from the back and forth movement of the waves, and is connected to the electric grid on the shore.
— Future belongs to the renewable energy and we need innovative technological
approaches. Sustainable energy will play a crucial role in future energy markets, says Director Sami Tuhkanen from Sitra.
Apart from AW-Energy, Fortum is also building one of the world's largest wave power project on the Swedish west coast, and has formed a partnership with French naval company DCNS to develop and test wave power in France.