European Investment Bank (EIB) announced investment up to EUR 10 million in AW-Energy, a start-up company from Finland which developed WaveRoller wave energy technology.
This is the first project to be supported by the InnovFin Energy Demonstration Project (EDP) programme.
EU commissioner for research, science and innovation, Carlos Moedas, EIB vice president Jan Vapaavuori and CEO of AW-Energy John Liljelund signed the EUR 10 million agreement.
EIB vice president Jan Vapaavuori said: “I think it would be hard to underestimate the importance of this type of pilot project that can open up untapped sources of clean energy. One of the goals of InnovFin is to support new technologies and the EIB is glad it can support this project through this instrument.”
AW-Energy’s CEO, John Liljelund, added: “This is a significant milestone not only for WaveRoller and the wave energy sector, but for the ocean energy industry as a whole, which is currently on the brink of a commercial breakthrough. As a constant and far more predictable form of renewable energy than wind and solar, wave energy will be a highly valuable addition to the global renewable energy mix.”
AW-Energy has developed a near-shore underwater device that converts wave energy into electrical power. In 2012, the company installed three 100kW demonstration units connected to the grid near Peniche, in Portugal.
The support of the EIB will help to keep the company on the track of commercialization of the WaveRoller. AW-Energy is about to install a full-scale 350kW device in the same area of Portugal.