Finnish wave energy developer Wello’s WEC2 Penguin device has been completed and is ready to depart from a shipyard in Tallinn in Estonia for testing in Orkney, Scotland.
The WEC2 will be towed to Orkney starting in the next few days and installed as soon as it arrives in Scotland, Wello said.
The company said the new technology has 380% increased power production than the WEC1 model.
“WEC2 is a key milestone towards the full potential of ocean-wave energy conversion technology, confirming all calculations and energy costs Wello presented on the Global Wave Energy Potential and Wave Energy Levels map,” Wello said.
WEC2 is funded by both the European Commission’s research and innovation programme Horizon 2020 Clean Energy From Ocean Waves and project participants, it added.
The company is also looking to raise up to €2.5m in exchange for equity between 4.34% and 10.18%, with a minimum investment of 140 shares, at a share price of €3.73 per share.
The funding campaign, which has already raised over €1.4m is being run on Invesdor and is open until 2 May.