Finnish wave developer AW Energy has secured a €10m loan from the European Investment Bank to accelerate the commercialisation of its WaveRoller technology.
EU commissioner for research, science and innovation Carlos Moedas, EIB vice president Jan Vapaavuori and CEO of AW Energy John Liljelund signed the €10m agreement in Brussels today.
AW Energy is about to install a full-scale 350kW device off the coast of Peniche in Portugal. The project will also be financed by Tekes, the Finnish Funding Agency for Innovation.
The company has identified commercial leads in six countries and has the potential objective of selling more than 50 units in the four coming years.
The EIB’s Vapaavuori said: “I think it would be hard to underestimate the importance of this type of pilot projects that can open up untapped sources of clean energy.
“The symbolic importance of a highly innovative Finnish company putting a project in place in Portugal makes this a truly European initiative.”
AW Energy chief executive John Liljelund added: “This is a significant milestone not only for WaveRoller and the wave energy sector, but for the ocean energy industry as whole, which is currently at the brink of a commercial breakthrough.
“Having prestigious institutions like the EIB on board adds plenty of credibility to the equation.”
AW Energy’s technology is the first to be supported by the EIB’s InnovFin Energy Demonstration Project programme.