Photo: WaveRoller

AW-Energy seeks further growth capital

The Finnish company AW-Energy Oy (AWE) is raising funds to support its first commercial installations of WaveRoller technology in 2021.

To that end, AWE has hired Fredericks Michael & Co. to help identify and approach strategic partners, and financial investors.

With projects in US, Europe and Asia, AWE expect to see rapid growth for its technology as governments, operators and energy policy strive for cleaner and more sustainable power generation solutions ahead of next year’s global UN climate talks.

AWE has also recently received the EU Seal of Excellence award from Horizon 2020, the EU’s research and innovation funding programme.

It follows the company’s project submission to the EU’s EIC Accelerator programme.

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Christopher Ridgewell, CEO of AW-Energy Oy, said:

“This clearly demonstrates recognition of our commercial competence and excellence in innovation, supported by our in-house technical expertise, to deliver a market-ready device that is tested and proven as a near-shore wave energy converter (WEC).”

An international judging panel including business angels, entrepreneurs, venture capitalists and experts from innovation hubs, evaluated AW-Energy’s wave energy project.

The judgement said it provides strong added-value, commercial viability and that it is better than existing solutions on the market.

The EU Seal of Excellence award also sees a way for the sector to create jobs and revenue internationally.

Furthermore, WaveRoller is the first marine energy technology to be qualified through certification by Lloyd’s Register.

Additionally, WaveRoller performance has abeen verified by DNV-GL.

Verification has helped to secure the first-of-a-kind grid connection with WaveRoller deployed off the coast of Peniche in Portugal.