A Finnish wavepower developer due to test a device off Orkney has announced new funding to help it commercialise its technology.
Wello, which has an office at Stromness, said yesterday it had secured £2.4million through Power Fund II, managed by VNT Management, and Finnvera Venture Capital.
Discussions with additional investors for further funding had also started, it said.
Wello added it would use the cash to commercialise its Penguin device, a prototype of which is due to undergo testing at the European Marine Energy Centre in Orkney, as well as to prepare for a pilot wave-energy array working with utility companies.
Wello chief executive Aki Luukkainen said: “We have been able to develop a full-size wave-energy converter with exceptionally low resources by repurposing the technology from windpower plants coupled with the traditional ship-building process.
“Further funding will allow us to commercialise this technology to main markets.”
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