Fortum Acquires Interest in Wave Energy Developer Wello Oy

Fortum has acquired a minority share of 13.6 per cent in the Finnish wave energy developer Wello Oy.

The Penguin wave energy converter solution, developed by Wello, is based on a floating vessel that captures the kinetic energy of waves and converts it into electrical power with a generator. The advantage of the floating vessel is reduced need for massive anchoring.

“In Fortum’s view, we are moving towards a solar economy where energy production is based on renewable energy sources and resources are used more efficiently than today. As an emissions-free energy production form, wave power can play an important role in such a future, and that’s why it is also one of Fortum’s research and development focus areas.

“We want to be in the vanguard of the development, so participating in the development of various wave power technologies is important,” says Heli Antila, Fortum’s Chief Technology Officer. ”The operating principle of Wello’s technology and how it combines new innovations with existing technologies is especially interesting.”

Wello’s CEO Aki Luukkainen views the collaboration with Fortum as a natural step as Wello moves from technology development to the commercial piloting phase. ”This is an excellent example of a small company partnering with a big company, which can significantly speed up the development of new technology into a commercial product. Together Wello and Fortum can take a significant step in this evolving sector.”