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Fortum takes wave stake

Finnish developer acquires 10% in Seabased of Sweden

Fortum takes wave stake image

Finnish energy company Fortum has acquired a 10% stake in Swedish wave developer Seabased for an undisclosed amount.

The two companies have previously collaborated on the Sotenas wave project in northwest Sweden which saw Seabased install 36 S1 devices in 2015-16.

The wave project is no longer operational.

"We have worked closely together during the wave power project in Sotenas and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop," said Fortum senior technological expert Sebastian Johansen.

"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 commercialisation," said Seabased chief executive Oivind Magnussen.

Image: Wave deviceĀ (Seabased)

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