The Finnish power company Fortum has acquired shares in Seabased AB corresponding to an approximate 10% stake in the company. Both parties have agreed not to disclose the value of the deal.

“We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased when we move towards commercialization”, says Oivind Magnussen, CEO, Seabased.

“We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop,” says Sebastian Johansen, Senior Technological Expert at Fortum.
“Fortum is looking forward to future co-operation with Seabased from its new role as an owner.”

Full press release here.