AW-Energy, the developer of world-leading wave energy technology, WaveRoller®, advances the further commercialization of its technology with the securing of EUR 14.8 million 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.”