PRESS RELEASE 1 September 2014

Fortum has acquired a minority share of 13.6 per cent in the Finnish wave
energy developer Wello Oy. The Penguin wave energy converter solution,
developed by Wello, is based on a floating vessel that captures the kinetic
energy of waves and converts it into electrical power with a generator. The
advantage of the floating vessel is reduced need for massive anchoring.

In Fortum’s view, we are moving towards a solar economy where energy production
is based on renewable energy sources and resources are used more efficiently
than today. As an emissions-free energy production form, wave power can play an
important role in such a future, and that’s why it is also one of Fortum’s
research and development focus areas.

We want to be in the vanguard of the development, so participating in the
development of various wave power technologies is important,” says Heli Antila,
Fortum's Chief Technology Officer. ”The operating principle of Wello’s
technology and how it combines new innovations with existing technologies is
especially interesting.”

Wello’s CEO Aki Luukkainen views the collaboration with Fortum as a natural
step as Wello moves from technology development to the commercial piloting
phase. ”This is an excellent example of a small company partnering with a big
company, which can significantly speed up the development of new technology
into a commercial product. Together Wello and Fortum can take a significant
step in this evolving sector.”

Fortum Corporation
Corporate Communications

Additional information:
Heli Antila, Chief Technology Officer, Fortum, tel. +358 40 571 7188
Aki Luukkainen, Chief Executive Officer, Wello, tel. +358 40 517 8387


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Wello Oy

Wello Oy

Kurjenkellontie 5 B
FI-02270 Espoo

+358 9 888 4881   

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