AW Energy is a Finnish company developing a wave power plant based on a submerged panel that moves with the movement of waves near the coast.
AW Energy’s Waveroller
Wave energy is arenewable form ofenergy that converts the kinetic energy of ocean waves into electricity. Devices such as point absorbers, oscillating columns and lapping devices capture wave motion and transform it into mechanical energy. Generators then convert this mechanical energy into electricity. Wave energy offers greater predictability and less intermittency than other renewable energy sources.
AW Energy’s product is a wave energy installation several meters high, known as a “Waveroller”. Partially or fully submerged in water 8 or 20m deep, each device would have a power output of between 350kW and 1MW, and a load factor of between 25 and 50%.
The device would have an integrated energy storage system that would enable it to smooth out the device’s output and respond to strong grid variations (?).
History, progress and financing of AW Energy
AW-Energy is a Finnish company specializing in the development of wave energy technologies, founded in 2002. According to crunchbase, the company has to date raised a Series A round in 2004, for an undisclosed amount, then €15M in 2014, then €10M from the European Investment Bank in 2016. It is a member of the Solar Impulse Foundation.
Here are a few key moments in AW-Energy’s history:
- 2002: AW-Energy is founded in Finland.
- 2012: AW-Energy installs a 300 kW WaveRoller demonstrator off the coast of Portugal.
- 2013 : The WaveRoller demonstration project receives financial support from the European Union under the Horizon 2020 program.
- 2015 : AW-Energy announces a partnership with Finnish industrial group Wärtsilä to enhance WaveRoller manufacturing and marketing.
- 2016 : The company obtains a US patent for its WaveRoller technology.
- 2018 : AW-Energy receives additional funding from the European Union and the Finnish Energy Agency to support the development of WaveRoller technology.
The history of the projects, which date back to 1999, can be found at this link: https://aw-energy.com/projects/ .