Finnish wave energy technology company Wello has signed an agreement with Chinese conglomerate CIMC OEI to jointly develop a wave energy converter device for Chinese waters.

The cooperation will begin with a joint research phase to define an optimized wave energy converter design based on Wello’s Penguin device. The two companies will then look to establish a demonstration site in China.

According to Wello, the wave climate in China is slightly milder than that in the North Atlantic, where its Penguin technology has been developed and verified. It said in a statement that it and CIMC OEI are ultimately aiming to install commercial-scale projects around China “to fulfil the constantly growing (renewable) energy need in the country”.

“Wello’s team and financers have spent a vast amount of effort during the previous 10 years to develop this extraordinary technology,” said Wello’s CEO Heikki Paakkinen. “Now we are in a position to harvest the results: there are new inquiries and contracts coming in and we really are on the verge of conquering the world with Penguins.

“Just previously at the end of the year we signed a contract with Indonesian GEU and now we already signed another contract with the Chinese CIMC OEI.”