(Bloomberg) — Fortum Oyj, the Finnish utility, received 17
million euros ($19 million) from the European Commission to
research and develop wave-power technology.
The five-year project will test a wave-energy converter
supplied by Wello Oy in the sea, Espoo-based Fortum said
Wednesday in a statement on its website. It will be installed at
the Wave Hub test facility in Cornwall, in the U.K.’s southwest.
“By this project we’re expecting to increase our
capabilities and skills in the field of wave power,” said Heli
Antila, chief technology officer at Fortum. “The funding from
the European Commission and the experienced collaboration
partners create excellent conditions for making great strides
forward in commercializing Wello’s wave power technology.”
The project will cost 24.5 million euros. Others involved
include Mojo Maritime Ltd., Green Marine (U.K.) Ltd., Uppsala
University, Plymouth University and the University of Exeter.
The wave-energy industry is still in its infancy, with
developers continuing to test small-scale devices as they strive
to bring their technologies to market. Development is taking
longer than expected and costing more than anticipated,
according to Bloomberg New Energy Finance. The researcher in
August revised down its 2020 capacity forecast for the industry
by as much as 72 percent to just 21 megawatts.
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