AW-Energy

Overview
Alternative Energy?
Product stageSegments

AW-Energy (AW) is a Finnish company focusing on wave energy. AW’s flagship product, WaveRoller, is a submerged wave energy converter based on a hinged panel that is attached to the seabed in the nearshore area, approximately 0.3-2 kilometers from the shore. It generates electricity from the movement of the waves and is connected to the electric grid onshore. The company’s WaveFarms are large arrays of 10 to 24 WaveRoller units.

In 2015, AW-Energy launched its first test facility in Finland, and during 2016-19, prototypes of the WaveRoller were built and tested in several locations around Europe. In November 2019, the first commercial-scale WaveRoller farm was deployed near Peniche, Portugal, and has been feeding electricity to the Portuguese national grid ever since. As of January 2021, AW has several WaveRoller projects under development or in the delivery phase in Portugal, Mexico, and Southeast Asia.

In March 2024, AW-Energy successfully completed its 3-year WaveFarm project that the European Maritime and Fisheries Fund funded through the Blue Economy Window. This project included the first large-scale WaveFarm, with up to 24 integrated WaveRoller units. This also involved the development of 8 WaveFarm projects to deliver a capacity of 150 MW in several countries including Indonesia, Sri Lanka, and Ireland.

Key customers and partnerships

In May 2023, AW-Energy signed a Memorandum of Understanding (MOU) with Kaoko Green Energy Solutions to incorporate wave energy in the production of green hydrogen.

Funding and financials

AW’s most recent funding event was in July 2016, when it received a EUR 10 million (USD 12 million) loan from the European Investment Bank.


HQ location:
Kolamiilunkuja 6 Vantaa FIN
Founded year:
2002
Employees:
51-100
IPO status:
Private
Total funding:
USD 30.5 mn
Last Funding:
USD 11.1 mn (Series Unknown; Jul 2016)
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