Finland-based utility company Fortum is purchasing a 13.6% minority stake in wave energy company Wello Oy, for an undisclosed amount.
Wello’s technology uses the power generated in waves to produce electricity.
Wello has created ‘The Penguin’ a floating vessel that converts the kinetic energy from waves and converts it into electricity with a generator.
“This is an excellent example of a small company partnering with a big company, which can significantly speed up the development of new technology into a commercial product,” said Aki Luukkainen, chief executive of Wello.