AW-Energy Oy (AWE), the Finnish wave energy technology company, is using corporate finance advisory firm Fredericks Michael & Co. in New York to identify and approach potential strategic partners and investors for additional growth capital needs in support of the commercial WaveRoller® deliveries scheduled in 2021.
Courtesy of WaveRoller
With projects in the U.S., Europe and Asia, AWE expects to see rapid growth for its technology ahead of next year’s global UN climate talks.
WaveRollertechnology has been developed over several years with a robust capital stimulus and dynamic team allowing for more technology and system advances than most other companies in its sector. It has been able to reach demonstrable milestones with the advanced in-house engineering and technology-based expertise.
Today, it represents much more than a pure start-up, with technology that is tested and proven as a near-shore wave energy converter (WEC). It is mounted to the seabed with a panel that oscillates with the wave surge to derive energy from the ocean – a sustainable way to develop grid-compatible power in many locations around the world.
Recent accomplishments and validation for AWE’s technology include:
Bankable insurance: AWE’s WaveRoller is the first marine energy technology to have been qualified through certification by Lloyd’s Register to mitigate risks. Certification provides investors with confidence in the delivery of this functional wave energy technology. It makes the technology bankable for large utility customers in the US, as well as across Europe and in Asia.
Validated technology: AWE’s WaveRoller performance has been verified by DNV-GL, provider of technical assurance to the maritime, oil and gas, and energy industries. Verification has helped to secure the first-of-a-kind grid connection with WaveRollerdeployed off the coast of Peniche in Portugal.
Strong patent portfolio:In addition to its already substantial patent portfolio covering many countries globally, AWE’s WaveRoller technology has received new patents from the United States Patent and Trademark Office (USPTO), and from the European Patent Office (EPO). The patents cover WaveRoller’s energy system and its power transfer application, in addition to a range of operating improvements made to the device, such as on failsafe operating improvements to protect against varying ocean conditions.
Wave energy is highly predictable and is a CO2-free power source for hundreds of millions of people. Waves are accessible to 80% of the world’s largest cities, which are in coastal areas. The estimated theoretical global output of wave power is 29,500 TWh/year, equivalent to 125% of the current global demand for electricity.
AWE is now raising growth capital as it approaches the start of its first commercial installations in 2021.
AWE has retained the services of Fredericks Michael & Co. to provide assistance in the process of identifying and approaching strategic partners, and financial investors, to support AWE’s future growth capital needs.