Wello Appoints New CEO (Finland)

January 30, 2012

Wello Ltd., developer of direct wave energy conversion device, announced the appointment of Mr. Aki Luukkainen as the CEO of Wello Ltd. Wello has operations in Finland and Scotland.

Aki Luukkainen has an 18-year track record in executive management, corporate development and sales and marketing roles in the international markets. He has previously held executive positions in growth companies and large corporates as well as spin as an entrepreneur. He holds Master of Science degree from Helsinki University of Technology and MBA from Helsinki School of Economics.

“Wello has unique knowledge to unleash biggest source of renewable energy to electricity”, said Mr. Vesa Sadeharju, Chairman of Wello. “Wello has perfect solution to fulfill the increasing demand of producing part of the electricity with renewable sources and cutting down carbon emissions.”

“Wello’s simple and unique working principle is clearly superior”, said Mr. Aki Luukkainen,newly appointed CEO of Wello. “I’m impressed of Wello’s approach to convert wave energy directly to electricity without unnecessary conversionsallowing clean energy production in large scale. I’m very much looking forward to help to launch the Penguin in the international energy markets.”

“Aki’s experience and expertise are exactly what is needed to take Wello to the next level,” said Mr. Heikki Paakkinen, Founder and Chief Innovation Officer of Wello Ltd. “Having grown the company from early idea, I’m excited to welcome Aki with his significant and wide experience to launch Wello to international markets.”

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Offshore WIND staff, January 30, 2012