The Finnish power utility Fortum has acquired shares in wave energy company Seabased, corresponding to an approximate 10% stake in the company.
Both parties agreed not to disclose the value of the deal, the companies said in a joint statement.
Seabased is a Swedish technology company that designs, builds and installs complete, grid-connected wave parks.
The company boasts over 100 patents, more than 4.5 years of generator run time and an operational factory on the west coast of Sweden.
Sebastian Johansen, Senior Technological Expert at Fortum, said: “We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop. Fortum is looking forward to future co-operation with Seabased from its new role as an owner.”
Oivind Magnussen, CEO of Seabased, added: “We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased as we move towards commercialization.”