Wello Preps New Penguin for Orkney

Wello said that its optimized Penguin model – WEC2 is complete and ready to depart the Tallinn shipyard over the next few days, to be towed towards Orkney, Scotland.

The new wave energy converter device will be installed by the coast as soon as it arrives.

According to Finnish technology company, Penguin WEC2 improves energy generation compared to the previously deployed WEC1, and boasts an increase in 380% in power production.

WEC2 is a key milestone towards the full potential of ocean-wave energy conversion technology, confirming all calculations and energy costs Wello presented on the Global Wave Energy Potential and Wave Energy Levels map.

WEC2 is funded by both the European Commission’s research and innovation program Horizon 2020 Clean Energy From Ocean Waves (CEFOW), and project participants.

Wello is currently looking to raise up to €2.5 million in exchange for equity between 4.34% and 10.18%, with a minimum investment of 140 shares, at a share price of €3.73 per share. The funding campaign, which has already raised over €1.5 million (151% of the initial goal), is run on Invesdor and will be open until May 2, 2019.