AW-Energy Raises $9 Million to Commercialize Wave-Power System
AW-Energy Oy, the Finnish developer of systems that generate power from the motion of waves, raised $9 million from investors including the country’s biggest utility Fortum Oyj (FUM1V) to commercialize its technology.
Sitra, an innovation fund that reports to the Finnish parliament and Tekes, the national technology-investment agency, also participated in the financing round, AW-Energy said today in a statement.
AW-Energy, based in Vantaa, is seeking to commercialize its WaveRoller device, which is affixed to the sea floor and generates power as waves move a panel back and forth.
The company installed three WaveRoller units in a pilot project off the coast of Portugal in August. The 5.4 million euro-project ($6.8 million) has capacity of 300 kilowatts and received 3 million euros of European Union funding.
To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.