Fortum and Sitra increased their contribution to wave energy technology

​​PRESS RELEASE 3 September 2012


Fortum and Sitra, the Finnish Innovation Fund have increased their funding in

the wave energy technology developed by the Finnish company AW-Energy Oy. With

this funding AW-Energy commences the development of the commercial scale

WaveRoller device as well as ensures the completion of operational testing of

the 3 x 100kW demonstration plant recently deployed in Peniche, Portugal.


The WaveRoller is a submerged wave energy converter, based on a hinged panel

that is attached to the sea bed in the near shore area. It generates

electricity from the back and forth movement of the waves (surge phenomenon)

and is connected to the electric grid on the shore. The goal of the development

is to commercialise WaveRoller technology and to increase the production of

wave energy.


The increased funding is a show of confidence in the WaveRoller technology

which is developed and extensively patented by AW-Energy. Fortum and Sitra

started collaborating with AW-Energy in 2008 and wave power is an important

part of Fortum’s R&D work related to sustainable energy solutions.


”Investments in developing renewable energy production, like wave and solar

power, are an important part of our strategy implementation. Sustainability is

at the core of Fortum’s strategy – we believe that energy production in the

future Solar Economy will be based on an efficient energy system and on energy

produced directly or indirectly from the sun," says Per Langer, Executive Vice

President of Fortum, explaining the reasoning behind the decision to continue

financial support.


Apart from AW-Energy, Fortum is also building one of the world's largest wave

power project on the Swedish west coast, and has formed a partnership with

French naval company DCNS to develop and test wave power in France.


"The future belongs to renewable energy and we need innovative technological

approaches, like AW- Energy's WaveRoller. Sustainable energy will play a

crucial role in the future energy market", says Director Sami Tuhkanen from



AW-Energy has also recently received a positive funding decision from TEKES,

the Finnish Funding Agency for Technoloy and Innovation. With combined funding

from TEKES, Fortum and Sitra, AW-Energy has secured 7.3 MEUR to plan and design

next generation commercial scale 500kW WaveRoller device.


”The WaveRoller technology has many advantages such as low visual impact and

relative constant electricity output”, explains John Liljelund, CEO of

AW-Energy. “The collaboration with Fortum, Sitra and Tekes enables AWE further

industrialization of the technology and to follow the development path towards

the pre-commercial projects that are now under negotiations”, he adds.


In addition to Fortum and Sitra, the other owners of AW-Energy are Aura Capital

Oy, John Nurminen Oy, Hytar Oy and a number of private investors.


Fortum Oyj

Corporate Communications


Additional information:

Esa Suoninen, Manager, Technology Portfolio Development, Fortum, tel. +358 50

453 2070

John Liljelund, CEO, AW-Energy, tel. +358 400 681 061

Sami Tuhkanen, Director, Sitra, tel. + 358 40 548 3482

Elina Kokko, Communications manager, Fortum, tel. +358 40 733 9493


Read more about AWE and WaveRoller

Read more about Fortum, R&D activities and the Solar Economy &




Fortum's purpose is to create energy that improves life for present and future

generations. We provide sustainable solutions that fulfil the needs for low

emissions, resource efficiency and energy security, and deliver excellent value

to our shareholders. Our activities cover the generation, distribution and

sales of electricity and heat as well as related expert services.


Fortum's operations focus on the Nordic countries, Russia, Poland and the

Baltics. In the future, the integrating European and fast-growing Asian energy

markets provide additional growth opportunities. In 2011, Fortum’s sales

totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion.

We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX



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