Finnish renewable technology developer, Wello Ltd, has announced it has started Series B funding.
Power Fund II (managed by VNT Management) and Finnvera Venture Capital have agreed on 3 Million euros funding package as part of the Series B funding. Discussions with additional investors to close further funding have also been initiated.
Wello is planning to use this funding to commercialize direct conversion wave energy converter currently tested in Orkney as well as to prepare for pilot wave energy park installation in close co-operation with utility companies.
Aki Luukkainen, CEO of Wello Ltd, says: “We have been able to develop a full size wave energy converter with exceptionally low resources by re-purposing the technology from wind power plants coupled with traditional ship building process. Further funding will allow us to commercialize this technology to main markets.”
Offshore WIND staff, May 21, 2012; Image: wello