Wave energy developer AW-Energy has announced a successful financing round which brought in commitments of over 9 million USD. The funding breakthrough came close on the heels of the successful deployment of AW-Energy’s proprietary Wave Power Plant, a power-generating array of three WaveRoller units in Peniche, Portugal in mid-August.
WaveRoller is a uniquely sustainable breakthrough solution in renewable energy that converts the energy of ocean waves to electricity. The pilot deployment in Portugal will provide a potentially unlimited supply of renewable energy for local electricity consumption, creating a model for carbon-free power generation in other locations.
The latest financing round was carried out with the leading energy provider Fortum, The Finnish Innovation Fund Sitra and the Finnish Funding Agency for Technology TEKES. The successful funding round has provided the company and its flagship solution WaveRoller with a critical thrust to peak in the emerging wave energy industry.
“The strategic movement shows a general confidence in the technology and the team of rock hard professionals developing this innovation,” said Mr. John Liljelund, CEO of AW-Energy.
The company is now moving decisively towards commercialization of the WaveRoller technology and towards becoming the preferred alternative for the renewables portfolio of utility companies globally.
AW-Energy is the developer of WaveRoller. The company is based in Finland, and operates in multiple continents. It is backed by strong owners including Fortum, a large European utility company.