Wello looks to harness wave energy in India
Finnish wave energy company Wello has signed a letter of intent with Ixin Group for two wave energy parks off the coast of India.
Wello’s Penguin Core technology may thereby be used to construct a 20MW and 10MW wave energy park in India, following interest from Ixin Group along with the Indian government.
The wave energy parks would be deployed on the west coast, near Mumbai, and east coast of India. Wello has stated that the concept has already been “welcomed” by the authorities and initial talks have been “encouraging”, and is now applying for governmental approvals for its technology.
The Finnish wave energy pioneer is also involved in a 10MW wind park project in Indonesia, which has already reached the design phase.
“After much research, prototyping and field testing we can say that everything works perfectly, the technology and survivability of the devices are proven and the Penguin is ready for commercial use,” said Wello CEO Heikki Paakkinen. “Wello is the leader in wave energy – there’s no comparable technology out there. We believe we can grow fast all over the world.”
Wello is currently looking to raise between one and two-and-a-half million euros on Invesdor against equity in the company.