Wello is a Finnish clean energy company providing a wave energy based solution for power generation. With commitment and passion, the company has developed the Wello Penguin into a product that is now ready to be commercialized.
Wello is a Finnish clean energy company providing a wave energy based solution for power generation, the Wello Penguin. With commitment and passion, the company has developed the Wello Penguin into a product that is now ready to be commercialized. The solution is based on a new and unique concept for capturing energy from waves and turning it into renewable electricity. Wello Penguin units can be added up to form a wave energy park and it is a scalable solution that fits many needs. The simplicity of the Wello Penguin is the result of innovative work and practical engineering.
Ocean waves provide an endless resource for clean and renewable energy and the market is practically unexplored yet. The Wello Penguin’s market potential is global, as the solution is viable on almost any ocean coast. The Wello Penguin has been tested now for almost 10 years in the harshest conditions and it is patented and proven.
THE ENERGY PRODUCTION CHALLENGE
The world is facing serious challenges in its energy production needs. The rapid growth of the global population and industrial needs among other aspects are contributing to this. In most scenarios it has been estimated that the demand for electricity will increase from 15 500 TWh to 26 000 TWh i.e 1,67 times until 2040 (source). For a reference Finland used electric energy in 2016 85TWh which is 0,5% of the global consumption. Currently more than 60% of the worlds electricity is produced with fossil fuels (source). The majority of all human-produced carbon dioxide emissions is the result of burning fossil fuels.
THE GLOBAL POTENTIAL OF WAVE ENERGY
The Paris climate agreement focuses the growing need for renewable energy to decrease carbon dioxide emissions. Wind and solar power are already addressing the problem and investments into renewable energy are growing rapidly globally. However, the wind does not always blow and the sun does not always shine. With 75% of the earth’s surface being covered by water, wave energy holds massive potential. As a constant and stable source, wave energy complements other renewables like wind and solar. Today, the technology to produce wave energy is ready and with serial production the cost of energy produced will decrease to the level of offshore wind and below.
THE WELLO PENGUIN – A UNIQUE SOLUTION
The power of wind is stored in waves and converted into energy by the Wello Penguin, a wave energy converter, securing clean and constant energy production.
The Wello Penguin is a wave energy converter that works in harmony with the environment. It complements wind and solar energy by being a more stable source of renewable power and it does not produce visual or noise pollution. The benefit of the Wello Penguin is also based on the durable and easy to maintain design. All critical parts are placed inside the hull and they are not in contact with sea water.
At the moment an average sized Wello Penguin device of 0,6 MW costs appr. EUR 2,4 millions. The size and the cost of the Wello Penguin depends on the site. With the current pilot project price, the cost of electricity generated is already very competitive with offshore wind and in serial production the company targets a 50% cost reduction. This will reduce the cost of electricity produced, improving the competitiveness of the solution in comparison to other technologies.
THE WELLO POWER MODULE – A SISTER PRODUCT TO THE WELLO PENGUIN
The Wello Power Module is a sister product to the Wello Penguin utilizing the same working principles for generating power with zero emissions. However, due to Wello’s unique technology, there is an additional economic benefit for the ship owner – while installed on a vessel, the Wello Power Module also helps to stabilize the ship, reducing the need for ballast water or other stabilizing systems. The containerized module can be installed directly on a new vessel but also as a retrofit for existing vessels, which increases the market potential for the product considerably. The container is lowered to the deck of a vessel and the Wello Power Module is connected to the electricity system. The Wello Power Module has no contact with water and it does not require any external components. In favourable conditions, each 50 kW Power Module can generate up to 198 MWh per year. The Power Module is still in the development phase and it is expected to be commercialized by 2020.
As a young boy, the founder of Wello Oy, Heikki Paakkinen, used to build model boats at his family’s summer cottage in Finland, trying to figure out how they could propel themselves with wave energy. Later on, Heikki’s environmental ideology laid base for his innovative development work: he wanted to develop a device producing clean energy without harming the environment. He began developing and building concepts for wave based energy production that would work in harmony with the ocean.
In 2008, Wello Oy was established and the Wello Penguin product development and testing begun. The company expanded slowly with new partners joining and with determination and passion, the device was developed into a strong, patented product. The Wello Penguin has been tested now for almost 10 years by the rugged coast in Scotland and in Finland and it has survived the harshest ocean conditions with waves raising up to 18 meters (source).
In 2015 the European Commission’s research and innovation program Horizon 2020 granted 17 meur for Clean Energy From Ocean Waves (Cefow) research project, where Wello is one of the participants. Wello’s share of the project is 13 meur, out of which EU funding is 9 meur. Cefow aims to demonstrate advanced ocean wave energy converter (WEC) technology to increase the speed of wave power development and decrease the levelized cost of ocean energy by 30%. The Cefow consortium spans the full value chain including research organizations, marine service providers and a large multinational utility company. The first of three Penguins was deployed in winter 2017 by the rugged coast in Scotland and it has survived the harshest ocean conditions with waves raising up to 18 meters (source) and is currently producing energy to the grid.
An important milestone was achieved in November 2017, when Wello received its’ first order for a commercial wave energy park to be located next to an island in Indonesia. With 10 MW of installed capacity, the project is currently the largest wave energy park planned in the world. This project in Indonesia is just the beginning of the story, as there is global potential for the Wello Penguin wave energy converter.
WHY INVEST IN WELLO?
The need for stable renewable energy sources is a megatrend driving the demand for Wello’s solutions
The wave energy market potential is still unexplored and estimated at over 74 billion euros (source)
Wello Penguin wave energy converter is a tried and tested solution with unique features
The core technology is protected through patents
Wello has received the first commercial order for a Wello Penguin wave energy park and the solution is now ready to be commercialized
The converter can also be applied for power generation on board of vessels>
The professional and innovative Wello team is supported with experienced investors represented in the Board of Directors