Wello sets out to harness the power of ocean waves

Source: press release, 28 March 2019

WEC2, the newest Penguin model
WEC2, the newest Penguin model (illustration: Wello)

Wello, a technology company in ocean-wave energy conversion, has announced a new funding campaign on Invesdor.

Until April 23, 2019, Wello is looking to raise EUR 1 million to EUR 2.5 million in exchange of equity between 4.34% and 10.18%. Through Invesdor, Wello is offering its shares at a minimum investment of 140 shares, at a share price of EUR 3.73 per share.

“It’s been calculated that by 2050 wave energy could fulfill one-tenth of the world’s clean energy needs. That potential is nowadays practically unexplored,” says CEO Heikki Paakkinen.

With over 70% of the planet’s surface covered by water, wave energy holds huge promise. Today, the technology to harvest wave energy is ready for deployment, and with scale, its cost will soon be lower than that of other renewables. Wello has already deployed and tested the first iteration of its Penguin technology in Orkney, Scotland. WEC1, as the device is called, has just passed the 2-year mark of continuous deployment in the water.

WEC2, the newest Penguin model, will soon depart its Tallinn shipyard to be added to the Orkney grid, while WEC3, fully designed and under negotiations with the shipyard, has shown massive power output promise, allowing the company to offer competitive solutions in every corner of the world.

In the past 2 years, Wello has received many inquiries for commercial wave parks (arrays of grid-connected devices) from all around the world. One of them, located in Indonesia, has been approved and is currently in the design phase. With 10 MW of installed capacity, the Nusa Lembongan site is presently the largest in-the-works wave-energy park on the planet.

“After much research, prototyping, and field testing we can say that everything works perfectly, the technology and survivability of the devices are proven and the Penguin is ready for commercial use,” adds Paakkinen. “Wello is the leader in wave energy – there’s no comparable technology out there. We believe we can grow fast all over the world.”