Financing has been provided by (listed in alphabetical order):

Aura Capital
Fortum
John Nurminen Oy
Sitra

AW-Energy has also received financing from the Finnish national R&D fund TEKES and from the EU. Highlights from the company history include:

1993 Professional diver, Mr. Rauno Koivusaari, makes an observation diving in an old shipwreck; a strong back-and-forth movement is rocking a heavy hatch
1999 He returns to the idea with a group of enthusiastic friends - two small-scale prototype devices are built. Tests with the prototypes confirm that the idea is feasible
2000 The first patent application is filed covering the use of the surge phenomenon for energy production. Two energy experts join the team from Fortum Hydro Research Laboratory. Different types of small scale laboratory tests take place. Fundamental research and feasibility studies follow to develop a PTO system
2002 AW-Energy Oy is founded. It gets the first private investments for financing the first marine tests carried out in the Gulf of Finland. Tests include a water pump and pressure measurements
2003 After promising results, tests continue with the support of the Finnish Technology Fund. Panel designs are modified and compared to previous experiments. Additional financing from a private investor is secured.A second patent application is filed covering a more detailed description of the technology
2004 Model tests in the Ship laboratory of Helsinki University of Technology. Study of different panel designs and marine growth and biofouling effects. First plans developed for ocean scale testing in EMEC/Orkney
2005 First results from installations in Orkney (EMEC) and measurements in Ecuador (Salinas). The aim is to test concept survivability before designing anything bigger. Prototype exposed to rough sea conditions with rock and sand bottoms. We realize the limitations of pumping water on-shore to use Pelton turbine as PTO. It seems to be a feasible solution for a single unit, but overly complex and inefficient when multiple units are combined. Sketching of the first semi-scaled WaveRoller with hydraulic PTO and on-board generator. Private investment from Aura Capital
2006 Portugal identified as the most suitable test site for the demonstration power plant. Start of comprehensive CFD modelling project. Starting design and manufacture of the semi-scaled device WaveRoller#1, a single device equipped with hydraulic PTO without active control system and grid connection
2007 Installation, commissioning and monitoring of WaveRoller #1 semi-scale device. After four months of operating in open sea environment we decide to upgrade the PTO to fully exploit higher than expected energy capture. Re-deployment in 2007 with a bigger hydraulic ram. Road map built for 300kW demonstration wave farm consisting of three independent WaveRoller units
2008 Deployment of the semi-scaled WaveRoller #2 device equipped with more powerful hydraulic rams. Operation in the open sea environment and exposure to storms with rough seas (Hs > 5 m). After the device decommissioning, detailed data analysis providing further input to 300kW WaveRoller wave farm design.
2009 Comprehensive conceptual design works on WaveRoller demonstration wave farm (300 kW). Tank test series in the University of Oporto, Portugal verified by Instituto Superior Technico (IST). A remarkable grant was awarded by the EU FP7 Energy funding program. The Project SURGE demonstration power plant officially begins in October 2009 (More details on Project SURGE).
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