Fortum takes a stake in Finnish wave energy startup

    It’s good to see industry players start taking a more active role with startups, such as recent news of Finnish energy giant Fortum buying a 13.6% stake in wave energy startup Wello as they transition from development to commercial piloting.

    Wello’s product, The Penguin, anchors mostly submerged below the surface to use the natural rocking of the waves to turn a horizontally positioned turbine. The vessel produces 0.5 and 1 Megawatt of power, and in practice Wello foresees a fleet of these being stationed of nearly any coastline.

    Check out the video below – it’s different from most wave energy startups you might have seen before.

    Fortum is said to be gradually transitioning to solar but clearly sees wave energy as playing a solid role in the future.

    Wello was founded in 2008 and has received investment from VNT Management Oy and Finnvera, and has participated in Tekes’ Groove program.