Wello plans wave energy demonstrator in Korea

Finnish company Wello Oy said on Wednesday that this week it signed a pact with Korean partner BSR CO Ltd to execute an ocean wave energy demonstration project in South Korea.

Under the terms of the newly-signed letter of intent (LoI), Wello will provide its technology expertise, while its partner will rely on its own energy plant building know how. The goal of the project will be to develop a more profitable wave energy converter.

Wello tested its Penguin wave energy converter in Scotland over the past several years. The device was shipped to Falmouth, Cornwall in early 2016 for installation at the Wave Hub site as part of the Clean Energy from Ocean Waves (CEFOW) project, which is coordinated by Finnish utility Fortum Oyj (HEL:FUM1V).

Last year, the European Commission granted EUR 17 million (USD 18.7m) in funding for that research project.

(EUR 1.0 = USD 1.100)

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