"The best part of the business mission was reaching an agreement with our Korean partner. That is why I came". – Mr Heikki Paakkinen, CEO of Wello Oy (Finland)
Wello Oy is a high-technology company from Finland specialised in the production of wave energy converters with minimal impact on the environment. The company was selected for the business mission on Green Energy Technologies to Korea and on July 18, 2016, ten days after returning to Europe, it officially teamed up with the Korean partner BSR Co. Ltd to collaborate on the construction of a wave energy power plant. Wello's role will be to bring technology expertise into the project, whereas BSR Co. will provide knowledge in energy plant building. The two companies aim to establish an ocean wave energy demonstration project in Korea that will open the market to more profitable wave energy converter technology and that will help to find the best practices for utilising local expertise in building devices.
"It is crazy how things can develop this fast. I couldn't imagine managing similar things by myself in such a short time". – Mr Heikki Paakkinen, CEO of Wello Oy (Finland)
Mr. Paakkinen had his first meeting with BSR Co. pre-arranged by the EU Gateway | Business Avenues team. The meeting looked very promising from the beginning, and led to a second follow-up meeting to discuss the details after the exhibition days. That is when Wello realised to have found a potential Asian partner for establishing a long lasting business collaboration.
Wello's technology is simple yet totally unique: its "Penguin" wave energy device produces power by riding the waves. The Wello Penguin is the result of cutting edge engineering and care for the environment, currently preparing to set out to sea and enter the commercial Asian market.
This summer Wello has been focusing on optimizing the technology for Korean small wave climate, developing and verifying new solutions in tank testing with positive results. Further testing and new design is currently being carried out and will continue in Autumn, while BSR CO will work on necessary consenting topics and look for consortium partners for the project.