Fortum wins $19MM grant for 10 MW wave power project

15 February 2010 - Energimyndigheten, the Swedish Energy Agency, announced approval of an investment grant for the planned full-scale wave power project near Smögen in the municipality of Sotenäs in Sweden. The grant entails that the agency will contribute just over $19 million (SEK 139 million) of the total investment of approximately $34 million. The state-funded grant is welcome in further developing the technology for commercialization.

In May 2009, Seabased Industry in collaboration with Fortum, submitted an application to Energimyndigheten, the Swedish Energy Agency, for an investment grant to participate in the program for renewable energy.

With the technology, which is not yet commercially mature, the planned wave-power plant is expected to house 420 interconnected units. The output will be approximately 10 MW.

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