WaveRoller secures nearly 15 M€ for projects from the EU and TEKES

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AW-Energy has received nearly 15M€ funding for the further commercialization of the WaveRoller wave energy converter.

AW-Energy, the developer of world-leading wave energy technology, WaveRoller®, advances the further commercialization of its technology with the securing of 14.8MEUR in funding provided by the Finnish Funding Agency for Technology, Tekes and the European Union. This funding will permit AW-Energy to leverage the experience and results from its pilot wave energy power plant, which has been operating in Portugal since 2012 and to deploy a full scale commercial power unit utilizing WaveRoller® near shore technology. The funding will further permit the Company to fine tune its WaverRoller® service model, including the development of metadata condition monitoring (“industrial internet”) and to streamline its supply chain for commercial deliveries.

In parallel, AWE is committed to pursuing the technology certification plan initiated in cooperation with Lloyd’s Register in August 2014, in order to ensure that the technology meets industry best practices.

In addition to the expansion of AW-Energy’s power plant in Portugal, the Company has ongoing projects in Ireland, France, UK, Chile and the US.

John Liljelund, CEO of AW-Energy: “We are honored by the confidence that these institutions have demonstrated by this funding. Also, the due diligence prepared by the European Investment Bank in relationship to the EU Funding, benchmarks WaveRoller technology as a preferred technology for this rapidly emerging source of renewable energy and further validates the significant global potential for generating renewable energy by WaveRoller technology.”

About AW-Energy Oy: AW-Energy Ltd is a Finnish company and world leading wave energy technology provider that has developed the revolutionary WaveRoller® technology for harvesting ocean wave energy in near-shore locations. The WaveRoller is the first device to utilize the well-known form of ocean wave energy - the surge phenomenon. AW-Energy is backed by strong owners such as Fortum, a large European utility company.
For more information: http://aw-energy.com/

About Tekes: Tekes is the most important publicly funded expert organization for financing research, development and innovation in Finland. Tekes promotes a broad-based view on innovation; besides funding technological breakthroughs, Tekes emphasizes the significance of service-related, design, business, and social innovations. For more information: http://www.tekes.fi/en/tekes/

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Tomasz Mucha

Mikael Martikainen
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