Wave Power Startup News

Fortum Buys Stake in Wave Power Startup

Finland's top utility, state-controlled Fortum, on Monday said it has acquired a 14 percent stake in Finnish wave energy developer Wello. Wello has developed a floating vessel that captures energy from waves and converts it into electrical power with a generator, Fortum said. It did not disclose the value of the deal. (Reporting By Jussi Rosendahl; Editing by Michael Urquhart)