Wello Inks 30MW India Deal

Wello WEC 2

Finnish technology company focused on ocean-wave energy conversion, Wello, has signed a letter of intent with Inix Group for two projects of 30MW total offshore India.

In partnership with the Indian government, Ixin, part of Ixar Group, is looking to acquire Wello’s Penguin Core package for the construction of 20MW and 10MW wave energy parks.

The two wave energy parks are planned for deployment by 2023 on the West coast near Mumbai and East coast of India.

According to Wello, the authorities have already welcomed the concept, and the initial discussions were encouraging.

The company also added it is now in the process of applying for the Ministry’s acceptance of the technology.

To remind, Wello is looking to raise €1 million – €2.5 million in exchange of equity between 4.34% and 10.18% until April 23, 2019.

Wello has already deployed and tested the first iteration of its Penguin technology in Orkney, Scotland. WEC1, as the device is called, sank in late March this year.

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, is said to have shown massive power output promise.

In the past two years, Wello has received many inquiries for commercial wave parks 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.

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