Fortum has acquired a minority stake in Swedish wave energy developer Seabased, the firm has announced.

The stake amounts to approximately 10%, with the value of the deal undisclosed.

"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," said Sebastian Johansen, Senior Technological Expert at Fortum. "Fortum is looking forward to future co-operation with Seabased from its new role as an owner."

"We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased as we move towards commercialisation", added Oivind Magnussen, CEO, Seabased.

Seabased is a high-tech clean energy growth firm that designs, builds and installs complete, grid-connected wave parks. Seabased’s technology is functionality verified with the connection of the Sotenäs Wave Power Plant on the Swedish west coast to the Nordic Electricity Grid, which is the world’s first multi-generator wave park. In addition, its generator technology has been proven via the WESA project in Finland a joint effort between Uppsala University (Lead Partner), Ålands Teknikkluster r.f. and University of Turku, a pioneering wave energy conversion project in the waters outside of Åland Islands. The project ran from May 2011 until the end of 2013 and was financed by the EU, through the European Regional Development Fund, and the remaining part by national governmental bodies.