Fortum-Backed AW-Energy Gets 15 Million Euros for Wave Power

AW-Energy Oy, a Finnish developer of wave power machines that’s backed by Fortum Oyj, raised 15 million euros ($19 million) to enhance its technology and bring it to market.

The company raised the money from the Finnish Funding Agency for Innovation, known as Tekes, and the European Union, it said today in an e-mailed statement. It will enable AW to use data gathered from its test facility in Portugal to build a full-scale commercial power plant.

The decision to fund the project validates “the significant global potential for generating renewable energy by the WaveRoller technology,” John Liljelund, chief executive officer of AW, said in the statement.

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