The Finnish power utility Fortum has acquired shares in wave energy company Seabased, corresponding to an approximate 10% stake in the company.
Both parties agreed not to disclose the value of the deal, the companies said in a joint statement.
Seabased is a Swedish technology company that designs, builds and installs complete, grid-connected wave parks.
The company boasts over 100 patents, more than 4.5 years of generator run time and an operational factory on the west coast of Sweden.
Sebastian Johansen , Senior Technological Expert at Fortum, said: “We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop. Fortum is looking forward to future co-operation with Seabased from its new role as an owner.”
Oivind Magnussen , CEO of Seabased, added: “We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased as we move towards commercialization.”