Fortum takes 10% stake in wave energy firm Seabased

Finnish utility Fortum Oyj (HEL:FORTUM) has acquired a stake of about 10% in Swedish wave energy company Seabased AB, the two said today, without disclosing the value of the deal.

Fortum has become a shareholder in Seabased as it believes the latter's technology could be viable commercially. "We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop," said Sebastian Johansen, senior technological expert at Fortum.

Fortum and Seabased partnered on the Sotenas project in Sweden, for which they were awarded an investment grant by the Swedish Energy Agency in 2010. The pilot array generated first power to the Nordic grid in January 2016.

Seabased has decided not to continue the Sotenas project beyond the first phase and to focus on commercialisation. It says on its website that under suitable conditions, its technology could provide power to the grid at below USD 0.10 (EUR 0.08) per kWh, which is competitive in areas such as off-grid islands using diesel generators.

(USD 1 = EUR 0.837)

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