Fortum-led Group Wins US$19.2 Million Grant for Wave Energy Research

The European Commission has granted €17 million (US$19.2 million) in funding for research into a wave energy project led by Fortum.

The funding came from the EC’s research and innovation programme Horizon 2020 and went to the Fortum- coordinated Clean Energy from Ocean Waves research project.

The five-year project aims to research and develop the use of the Penguin wave energy converter, developed by the Finnish company Wello, in electricity grid connected ocean conditions. The multi-device test project will be carried out at Wave Hub, the wave power-focussed test centre, located in Cornwall, Great Britain, where Fortum has a leased sea area.

In the project, Finnish wave power technology is being developed and operated in collaboration with British and Swedish experts. The project’s total budget is €24.5 million. In addition to Fortum, the other parties in the project include Wello, Mojo Maritime, Wave Hub, Green Marine (UK), Uppsala University, Plymouth University and the University of Exeter.

“Wave power may play an important role in the future as an emissions-free energy production form, and that is why Fortum is participating in the research and development efforts,” said Heli Antila, Chief Technology Officer at Fortum. “By this project we are expecting to increase our capabilities and skills in the field of wave power. We believe that the funding from the European Commission and the experienced collaboration partners create excellent conditions for making great strides forward in commercializing Wello’s wave power technology.

“On a global scale, this project is at the vanguard of wave power research.”

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