Finnish wave energy technology developer Wello Oy has signed a letter of intent with its local Korean partner company BSR.

Wello and BSR aim to establish an ocean wave energy demonstration project in Korea. Wello's role is to bring technology experise into the project where as BSR CO provides the expertise in energy plant building.

Project targets to develop more energetic and profitable wave energy converter technology and to find the best practices for utilizing the local Korean expertise in building devices.

Wello has developed and tested successfully for several years its Penguin technology in European waters, mainly in EMEC, Scotland.