Finnish wave energy developer Wello has signed a deal with Chinese conglomerate CIMC OEI to develop wave energy projects in China.
The contract paves Wello’s way to the vast Chinese energy market, with plans to begin the co-operation with a joint research into defining an optimized Penguin wave energy converter design for Chinese waters.
The wave climate is slightly milder around China compared to Northern Atlantic waters, where the Penguin technology has been developed and verified, according to Wello.
The step to follow will be the establishment of a demonstration site in China, Wello informed.
This project is expected to prove and confirm the suitability of Wello’s technology for Chinese needs and other sites around the globe with similar wave climates.
Heikki Paakkinen, Wello’s CEO, said: “Wello’s team and financiers have spent a vast amount of effort during the previous 10 years to develop this extraordinary technology. Now we are in a position to harvest the results: There are new inquiries and contracts coming in and we really are on the verge of conquering the world with Penguins.”
Under the contract, Wello and CIMC OEI aim for continuation projects around China to fulfill the constantly growing energy need in the country while simultaneously pursuing a transition away from use of coal and imported fossil fuels.
To remind, Wello recently signed a commercial order with Indonesian infrastructure construction company Gapura Energi Utama (GEU) to supply the company with 10MW wave energy park equipped with Penguin devices.