by Rebecca Walker — October 5, 2009—AW-Energy, a Finnish cleantech company developing a patented wave energy technology brand named WaveRoller, has signed a $4.4 million (3 million euros) contract with the European Union to demonstrate its technology. Ocean energy technology represents the largest untapped business potential within the renewables sector, the company asserts.
The contract between AW-Energy and the EU is the first one under the “CALL FP7 – Demonstration of the innovative full size systems.” Several leading wave energy companies participated to the CALL. The contract includes a 3 million euro grant agreement, providing significant support to the demonstration project.
The goal of the project is to manufacture and deploy the first grid-connected WaveRoller unit in the Portuguese waters. The site is near the town of Peniche, known as “Capital of the Waves.” The nominal capacity of the WaveRoller unit is 300 kW and the project includes a one-year testing period, says the company.
The consortium led by AW-Energy includes companies from Finland, Portugal, Germany and Belgium. Industrial heavyweights like Bosch-Rexroth and ABB, together with renewable energy operator Eneolica and wave energy specialist Wave Energy Center, are delivering their best know-how to ensure successful implementation of the project.
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