Fortum and Seabased Industry's request for an investment grant has been approved by the Swedish Energy Agency. The grant is for a planned full-scale wave power project to be developed near Smögen, in Sweden. The investment amount is about EUR 14 million, with the total investment in the project at about EUR 25 million.

Fortum Power has already applied for permits from the Swedish Environmental Court to build electrical grid connections. Additionally, the company has started planning for concession applications.

[source: Fortum]