The Finnish wave energy technology provider Wello has signed a contract with the Chinese conglomerate CIMC OEI.
This contract paves Wello’s way to the Chinese energy market and enables Wello to reach a most competitive position in renewable energy technology markets worldwide, the company said.
The co-operation begins with a joint research phase for defining an optimized Penguin WEC (Wave Energy Converter) design for Chinese waters.
The following phase defined in the contract is to establish a demonstration site in China. This project should prove and confirm the suitability of Wello’s technology for Chinese needs and simultaneously for all other sites around the globe with similar wave climates.
The most important part of the contract and the co-operation are finally the continuation projects. Wello and CIMC OEI aim for projects around China to fulfil the constantly growing (renewable) energy need in the country while simultaneously pursuing a transition away from use of coal and imported fossil fuels.
Wello’s CEO, Heikki Paakkinen, states: “Wello’s team and financers have spent a vast amount of effort during the previous 10 years to develop this extraordinary technology. 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. Just previously at the end of the year we signed a contract with Indonesian GEU and now we already signed another contract with the Chinese CIMC OEI.”