Fortum Buys Stake in Swedish Wave Energy Company Seabased

Seabased wave energy
Seabased's wave energy technology.

The Finnish power company Fortum has acquired shares in Seabased AB corresponding to an approximate 10% stake in the company. Both parties have agreed not to disclose the value of the deal.

Seabased is a high-tech clean energy growth firm that designs, builds and installs complete, grid-connected wave parks. They have over 100 patents, more than 4.5 years of generator run time and an operational factory on the west coast of Sweden.

 

Seabase's wave energy converter

Seabased’s wave energy converter

Seabased’s technology was functionality verified with the connection of the Sotenäs Wave Power Plant on the Swedish west coast to the Nordic Electricity Grid, which is the world’s first multi-generator wave park.

 

In addition, their generator technology has been proven via the WESA project in Finland a joint effort between Uppsala University (Lead Partner), Ålands Teknikkluster r.f. and University of Turku, a pioneering wave energy conversion project in the waters outside of Åland Islands. The project ran from May 2011 until the end of 2013 and was financed by the EU, through the European Regional Development Fund, and the remaining part by national governmental bodies.

“We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased when we move towards commercialization”, says Oivind Magnussen, CEO, Seabased.

“We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop,” says Sebastian Johansen, Senior Technological Expert at Fortum.
“Fortum is looking forward to future co-operation with Seabased from its new role as an owner.”

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This post was prepared by Solar Thermal Magazine staff.

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