Wello’s wave energy converters roll into China
Finnish wave energy technology provider Wello has signed a contract with Chinese conglomerate CIMC OEI to introduce its wave energy converters to the Chinese market.
The co-operation will commence with a research phase to optimise Wello’s Penguin Wave Energy Converter (WEC) for Chinese waters. Here, the wave climate is slightly milder compared to the Northern Atlantic waters where WEC was developed.
The next phase sees the establishment of a demonstration site in China to confirm the suitability of Wello’s technology in the waters, before moving onto the most important stage of the contract: securing projects around China.
“Wello’s team and financers have spent a vast amount of effort during the previous 10 years to develop this extraordinary technology,” says Wello’s CEO Heikki Paakkinen. “Now we are in a position to harvest the results: there are new inquiries and contracts coming in and we really are on the verge of conquering the world with Penguins.”
Wello is presently also raising capital through an ongoing equity funding round at Invesdor that has accumulated almost 1.3 million euros to date.
Interested to know how Finnish wave technology first made a splash in the renewable energy sector, then read our feature here.