Fortum-Backed AW-Energy Gets 15 Million Euros for Wave Power

Sept. 16 (Bloomberg) — AW-Energy Oy, a Finnish developer
of wave power machines that’s backed by Fortum Oyj, raised 15
million euros ($19 million) to enhance its technology and bring
it to market.

The company raised the money from the Finnish Funding
Agency for Innovation, known as Tekes, and the European Union,
it said today in an e-mailed statement. It will enable AW to use
data gathered from its test facility in Portugal to build a
full-scale commercial power plant.

The decision to fund the project validates “the
significant global potential for generating renewable energy by
the WaveRoller technology,” John Liljelund, chief executive
officer of AW, said in the statement.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Alex Devine, Dylan Griffiths

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