Wello agrees wave energy partnership in China

Wello's Penguin wave device. Source: Wello Oy. License: All rights reserved

February 12 (Renewables Now) - Finish wave energy technology developer Wello Oy last week said it has signed a cooperation contract with Chineses group CIMC OEI, under which the pair will ultimately target projects around China.

Initially, the contract calls for joint research to optimise Wello's Penguin floating wave energy converter for Chinese waters. The next phase will be to set up a demonstration site in China.

The Chinese partnership agreement follows a deal, announced at the end of December, with Indonesian infrastructure construction company Gapura Energi Utama (GEU), which ordered a 10-MW Penguin wave energy park. Wello's chief executive Heikki Paakkinen said there are new inquiries and contracts coming in.

Wello, meanwhile, is raising funds on crowdfunding platform Invesdor. It has reached the minimum EUR 1 million (USD 1.2m) and expects to exceed the maximum of EUR 2 million.

(EUR 1 = USD 1.226)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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