The Finnish wave energy technology provider Wello has signed an important contract with the Chinese conglomerate CIMC OEI. This contract paves Wello’s way to the vast Chinese energy market and enables Wello to reach a most competitive position in renewable energy technology markets worldwide.
The co-operation begins with a joint research phase for defining an optimized Penguin WEC (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.
The following phase defined in the contract is to establish a demonstration site in China. This project will prove and confirm the suitability of Wello’s technology for Chinese needs and simultaneously for all other sites around the globe with similar wave climates.
The most important part of the contract and the co-operation are finally the continuation projects. Wello and CIMC OEI aim for projects around China to fulfil the constantly growing (renewable) energy need in the country while simultaneously pursuing a transition away from use of coal and imported fossil fuels.
New Era in Energy Production has begun
There is new hope for mankind struggling with climate change and search for non-polluting renewable energy forms. Ocean wave energy is an endless source of free, clean energy. Now that energy is available at reasonable cost for everybody. Wello is showing the way towards a clean carbon-free era.
Wello’s CEO Heikki Paakkinen states: “Wello’s team and financers 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. Just previously at the end of the year we signed a contract with Indonesian GEU and now we already signed another contract with the Chinese CIMC OEI”.
Another fact that proves Wello’s success and the importance of its technology is the great interest towards Wello’s equity funding round at https://www.invesdor.com/en/pitches/888 . In a matter of weeks Wello managed to reach the defined minimum funding of €1 million and it now seems likely that the maximum will be exceeded.
CIMC Raffles is a 100 % subsidiary company of CIMC Group, which is an international corporation providing high-quality offshore equipment and contract services to clients all over the world. There are 4 off-shore and marine research & development centres, 3 off-shore construction bases and 3 operation companies with nearly 10 000 staffs.
Wello Oy is a wave energy technology provider with a unique product: Penguin WEC. Penguin is a floating wave energy converter that survives 18 m waves and generates energy continuously. Wello’s technology is based on accelerations, inclinations and gravity force. That enables all technical components being housed inside the hull safe from harsh ocean weather.
For more information:
Mr Heikki Paakkinen, CEO Wello
+358 40 7575469
Mr Shengchen Dong, Product Manager
+358 50 5019378
Mr David Liu Dahui, Ph.D. Senior Engineer
+86 535 4879112
|04.05.2023||Convion And Shell Form Partnership To Commercialise Solid Oxide Electrolysers (SOEC)|
|04.05.2023||Norsepower secures €28 million from investors|
|13.12.2022||Octopus Energy Group’s Kraken acquires Power Fund III investee Depsys|
|18.08.2022||Norsepower signs agreement with Dalian Shipbuilding Industry Co. Ltd. to install Rotor Sails onboard two newbuild CO2 carrier vessels|
|10.05.2022||Elcogen receives €24 million investment from HydrogenOne|
|21.07.2021||Merus Power Oyj:n First North -listautumisanti on ylimerkitty, yhtiölle noin 8 000 uutta osakkeenomistajaa – kaupankäynti alkaa arviolta 8.6.2021|
|15.05.2021||Kestävän ja energiatehokkaan tulevaisuuden mahdollistava teknologiayhtiö Merus Power suunnittelee listautumista First North - markkinapaikalle|
|01.05.2021||Cority Acquires Power Fund III Investee WeSustain|
|18.12.2020||Half of the Top 10 "most sustainable companies in Germany" rely on WeSustain as software partner|
|21.01.2020||Test of wind propulsion on Maersk Pelican completed: Norsepower Rotor Sails confirmed savings of 8.2% fuel and associated CO2 on Maersk Pelican|
|21.01.2020||OGCI Climate investments leads MEUR8 investment in Norsepower|
|21.01.2020||Elcogen Named Winner of Innovation at European Business Awards 2019|
|01.10.2019||Introducing WeSustain’s ESG Management|
|02.09.2019||Swiss smart grid expert opens subsidiary in Singapore|
|12.02.2019||CHF 13.2 million: Successful financing round strengthens DEPsys in Smart Grid growth market|
|12.02.2019||#InnovFin: EUR 12 million loan from EU to Estonian clean tech company Elcogen|
|31.10.2018||Cajo Technologies Oy voitti Kasvu Open 2018 kilpailun|
|31.10.2018||Cajo Technologies Oy is the winner of Growth Open (in Finnish: Kasvu Open) 2018 competition|
|08.02.2018||Wello to export Wave Energy Converters to China|
|08.02.2018||New clean energy system to make Finnish business district self-sufficient|
|18.01.2018||Swiss Smart Grid Solution Company DEPsys Raises Additional CHF 2 Million of Funding|
|09.11.2017||Convion SOFC generates zero emission electricity and heat from biogas in Italy|
|02.11.2017||Power Fund II investee Visedo sold|
|21.09.2017||Visedo CEO, Kimmo Rauma, Takes Electric Message to the World|
|30.05.2017||Maersk Tankers in wind power project|
|11.05.2017||DEPsys has been selected for global energy startup accelerator program Free Electrons|
|11.05.2017||Superb performance with renewable biogas|
|06.03.2017||Application test of innovative off-grid power supply|
|02.03.2017||Norsepower Rotor Sail Solution to be installed onboard Viking line cruise ferry vessel|
|19.12.2016||Visedo is ready to take a global lead in providing smart and high performance electric drivetrain systems|
|07.09.2016||WeSustain develops reporting software for the partnership for sustainable textiles|
|13.06.2016||Swiss Smart Grid Solution Company DEPsys Raises CHF 3 Million of Financing|
|22.03.2016||Finnish Laser Marking Machine Provider Cajo Technologies heads to US markets|
|29.01.2016||Performance monitoring and verification drives orders and investment for Norsepower|
|11.01.2016||Visedo joins forces with Dutch marine electric system expert Electric Power Conversion B.V.|
|03.11.2015||Sustainability Management 2.0“ – WeSustain receives top marks|
|30.10.2015||WeSustain becomes a SASB Enterprise Resource Platform (ERP) Partner|
|11.06.2015||Visedo’s electric drive trains to equip world’s largest electric ferryboat|
|14.01.2015||Merus Power wins its biggest contract ever|
|14.12.2014||Growth capital for WeSustain (Series B)|
|21.10.2014||Self-Sufficient and Emission-Free Energy to Go|
|21.10.2013||Fuel cell company Siqens receives funding from Finnish investor VNT Management Oy and German KfW Bank|
|11.10.2013||Mobilemarking Gets Nearly |
€1 Million in Funding for Internationalization
|10.09.2013||Wello’s Wave Energy Converter Producing Clean Energy|
|06.05.2013||GASEK Oy, CCM-Power Oy and Asmacon Oy to combine their business|
|31.01.2013||Final Closing of Power Fund III|
|16.01.2013||Valopaa Receives a Significant Capital Investment from VNT Management|