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Saturday, October 22, 2016

Fortum Buys Stake in Wave Power Startup

September 1, 2014


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)


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