Wello Strikes Wave Energy Deal in China

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.”

Share this article

Follow Subsea World News

Events>

<< Aug 2018 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The European Corrosion Congress – EUROCORR

The European Corrosion Congress – EUROCORR, the EFC’s annual conference, is the flagship event of the European corrosion calendar…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >

FPSO World Congress 2018

FPSO World Congress 2018 will take a closer look at the overall life-cycle of an FPSO…

read more >

EIC Connect Oil & Gas USA 2018

EIC Connect Oil & Gas USA 2018 is the Energy Industries Council’s (EIC) not-for-profit event designed to promote…

read more >