The European Investment Bank (EIB) is to help finance the development of commercial wave energy technology in Europe.
It is investing up to €10 million (£8.53m) in AW-Energy, the Finnish developer of “WaveRoller” technology, to accelerate commercial roll-out.
The WaveRoller is a near-shore underwater device that converts wave energy into electrical power.
In 2012, the company installed three 100kW demonstration units connected to the grid near Peniche in Portugal and with EIB support the company will now be able to move into commercial markets.
AW-Energy’s CEO, John Liljelund, said: “This is a significant milestone not only for WaveRoller and the wave energy sector but for the ocean energy industry as a whole, which is currently on the brink of a commercial breakthrough.
“As a constant and far more predictable form of renewable energy than wind and solar, wave energy will be a highly valuable addition to the global renewable energy mix.”