EIB invests in commercial wave energy technology

By Tom Eddershaw - July 12, 2016.

The European Investment Bank (EIB) will invest up to €10 million (US$11.08 million) in AW-Energy, a start-up company from Finland which developed “WaveRoller” wave energy technology.

This is the first project to be supported by the InnovFin Energy Demonstration Project (EDP) programme. The investment will support and speed up the commercial roll-out of European wave energy technology.

“I think it would be hard to underestimate the importance of this type of pilot project that can open up untapped sources of clean energy,” EIB vice-president Jan Vapaavuori said. “One of the goals of InnovFin is to support new technologies and the EIB is glad it can support this project through this instrument. The symbolic importance of a highly innovative Finnish company putting a project in place in Portugal makes this a truly European initiative.”

“An investment in renewable energy technologies is an investment in Europe’s leadership of these new industries,” EU Commissioner for Research, Science and Innovation, Carlos Moedas, added. “We want to support renewable energy pioneers to contribute solutions to global climate change challenges, while generating employment and sustainable economic growth at home in Europe.”

AW-Energy has developed a near-shore underwater device that converts wave energy into electrical power.

In 2012, the company installed three 100kW demonstration units connected to the grid near Peniche, in Portugal. The strong support of the local community and municipality was essential for the project.

AW is about to install a full-scale 350kW device in the same area of Portugal. The company has identified commercial leads in six countries and its objective is to sell more than 50 units in the four coming years.

The project will also be financed by Tekes, the Finnish Funding Agency for Innovation.