Holvi raises equity
Spring 2026 Holvi raises equity funding and adds manpower in R&D. The aim is to test and prove the latest technology innovations to be able to implement those gradually to the wave energy converter, and to convert gradually the classic proven Penguin technology to an updated Oceo WEC.
Holvi possesses reliable and proven technology, which no-one else in wave energy industry has yet managed. The aim and the challenge is to manage the technology update in a safe manner, to keep the proven technological solutions and proven constructions. The updated Oceo WEC will become even more reliable than the predecessor Penguin, and in addition it will be functional with high efficiency in mild wave climate as well.
Holvi possesses reliable and proven technology, which no-one else in wave energy industry has yet managed. The aim and the challenge is to manage the technology update in a safe manner, to keep the proven technological solutions and proven constructions. The updated Oceo WEC will become even more reliable than the predecessor Penguin, and in addition it will be functional with high efficiency in mild wave climate as well.
Increased efficiency in mild wave climate
In January 2024 Holvi files a patent application for an innovation increasing the efficiency and sensitivity of the power take-off (PTO). In addition, the new innovation enables large WEC unit size with single PTO also in mild wave climate, which contributes to low capital cost of site and further to low cost of energy. Earlier cost-efficient power production in mild wave climate has not been possible.
The new innovation increases Holvi's market significantly now covering also the mild wave climate areas near the equator and smaller closed seas as well.
Heikki Paakkinen, CEO of Holvi says: "Now cost-efficient energy production from ocean waves becomes possible on most of the seas around the world. New products can also be considered ranging up from small size marine signal buoys to ship power and large energy generating breakwaters. The market extend will grow significantly. In addition the cost of energy will go further down and become clearly competitive with wind and solar."
The new innovation will not replace the existing Penguin technology but contribute to it's efficiency and quality. Gradually, after careful testing and developing, the new features will be taken in use to benefit the customers. Holvi considers it of highest importance to first test, verify, and certify all new features in technology before bringing it to markets.
The new innovation increases Holvi's market significantly now covering also the mild wave climate areas near the equator and smaller closed seas as well.
Heikki Paakkinen, CEO of Holvi says: "Now cost-efficient energy production from ocean waves becomes possible on most of the seas around the world. New products can also be considered ranging up from small size marine signal buoys to ship power and large energy generating breakwaters. The market extend will grow significantly. In addition the cost of energy will go further down and become clearly competitive with wind and solar."
The new innovation will not replace the existing Penguin technology but contribute to it's efficiency and quality. Gradually, after careful testing and developing, the new features will be taken in use to benefit the customers. Holvi considers it of highest importance to first test, verify, and certify all new features in technology before bringing it to markets.
Business back to Holvi
In February 2023 Holvi acquired all rights and IP from Wello and continued the business to commercialize the technology to worldwide markets.
The work by the experienced and international team of Wello will continue at Holvi.
The work by the experienced and international team of Wello will continue at Holvi.
Wello developing the technology for more than a decade
Wello has been developing and testing the PG technology into a proven full scale Wave energy Converter (WEC) through numerous off shore trials during over a decade. The development and testing cost of the technology to date is nearly € 30 M.
The PG technology by Wello was recognized as the superior technology in wave energy and first commercial projects were initiated.
The PG technology by Wello was recognized as the superior technology in wave energy and first commercial projects were initiated.
Holvi
Penguin PG innovation for converting ocean waves into electricity was originally developed by Holvi/Mr. Heikki Paakkinen year 2007.
The same year the innovation was patented worldwide by Holvi.
The same year the innovation was patented worldwide by Holvi.
