Fortum Buys Stake in Seabased

Finland-based clean energy company, Fortum, has acquired a 10 percent stake in Seabased for an undisclosed value.

Seabased is a Swedish company offering wave energy solutions from design, to manufacture and installation of grid-connected wave parks.

The company is known for its Sotenäs project that was jointly developed with Fortum and the Swedish Energy Agency.

The Swedish Energy Agency awarded an investment grant to Fortum and Seabased for the wave power plant which connected the Low Voltage Marine Substation (LVMS) to the Nordic grid in Kungshamn in 2015.

Shortly thereafter, the first four buoys were connected to their respective wave energy converters and in January 2016 the wave energy park generated electrical power to the Nordic power grid for the first time.

“We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop,” said Sebastian Johansen, senior technological expert at Fortum. “Fortum is looking forward to future co-operation with Seabased from its new role as an owner.”

“We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased as we move towards commercialization,” said Oivind Magnussen, CEO, Seabased.