Wello- Coming Soon!
This is a preview of an upcoming funding round
Wello aims to enable about 10% of worldwide clean energy production by 2050 with the Penguin: the most durable, efficient device on the market capable of harnessing the power of ocean waves.
Who we are
Based in Espoo, Finland, Wello is the technology leader of ocean-based energy production. With over ten years of research, development and harsh-condition testing under the belt, in April-May 2019, Wello will deploy WEC 2, a commercial Penguin device, in Orkney, Scotland. Penguin's solution for capturing energy from waves is unique and translates into infinite, renewable direct-to-grid electricity. Energy parks are created connecting various Penguin units, for scalable energy production to fit all needs.
Projections indicate that by 2050 over 10% of the global energy usage can be fulfilled by wave technology (source): the potential market for the Penguin is vast, as our solution is viable on almost any ocean coast. Rather than focusing on device manufacturing, Wello’s new strategy converge on what we call Penguin Core, a comprehensive package including design, licensing, control software and know-how for custom Penguin deployments at various sites around the globe.
Change in market entry strategy
Since the end of the first funding campaign, we have kept developing our technology and refining the strategy to market. Over time, it became increasingly clear that focusing on our strengths (design, tech, control software, and know-how), rather than manufacturing at scale, would be the way forward. That's how we came up with the Penguin Core offering: a "complete kit" for building and operating Penguin devices and related wave-energy parks.
The provision of Penguin Core can be easily scaled, grants IP rights tied to specific sites and is customizable to each client's needs.
In short, we have moved the focus from selling devices to selling our existing design and software, as well as knowledge and expertise.
The potential of wave energy
According to the Paris Climate Agreement, 184 countries need to contribute to keeping the global average temperature increase under 2ºC. Much of this effort depends on the quick replacement of fossil fuels.
Wind and solar power are already addressing the problem and investments into renewable energy are rapidly growing globally. However, the wind does not always blow and the sun does not always shine.
With over 75% of the planet’s surface covered by water, wave energy holds massive potential. Today, the technology to harvest wave energy is ready for deployment, and with scale, its cost will soon be lower than that of other renewables.
Energy production: a global challenge
The explosion in global population is putting current energy production patterns under severe strain. According to most scenarios (source) over the next twenty years, the demand for electricity for industrial and everyday use will increase by 28% (from 169,000 TWh/year to 216,320 TWh/year).
Currently, more than 60% of the electricity produced worldwide is obtained by fossil fuel combustion (source), a key contributor to carbon dioxide emissions, and consequently, climate change. Clean, affordable and efficient energy production is needed fast, and at a massive scale.
We are soon launching our funding round to the public at Invesdor. Like this pitch to get automatically notified when our funding round opens to the public!
By signing up you will become part of the best growth company ecosystem, after which you will be able to see all information about the target companies including the company story, business model, market situation, team, goals and growth calculations. Additionally you will be able to easily communicate with the entrepreneurs, and of course make investments in companies of your choice.