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.
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, click here. 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.