The LOI was signed on the 18th of July with the intention of developing more energetic and profitable wave energy converter technology and to find the best practices for utilising local Korean expertise in building devices. Wello will bring its technological expertise into the project while BSR CO will provide the expertise in energy plant construction.
Wello has been engaged for several years in developing and testing its Penguin technology in European waters, mostly at the European Marine Energy Centre (EMEC) in Orkney, Scotland where Wello has been testing a full scale grid connected version of the Penguin since 2012. This enabled the device to encounter some very harsh ocean conditions, including several storms with 12 metre wave heights.
The company has also been testing its 1/5 scale Penguin II device at the Plocan test site off Gran Canaria. The tests are expected to last three months and are being carried out under a Memorandum of Understanding (MoU) signed last year between Wello Oy and the Oceanic Platform of the Canary Islands (Plocan). During this initial phase, the mechanical behaviour of the device will be analysed. The PTO complete test will be conducted at a later stage.
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