Wello Appoints Aki Luukkainen as CEO

Boost to commercialize Wello’s groundbreaking technology to produce sustainable energy from oceans.

Espoo, Finland, January 29, 2012 --(PR.com)-- Wello Ltd., developer of direct wave energy conversion device, today announced the appointment of Mr. Aki Luukkainen as the CEO of Wello Ltd. Wello has operations in Finland and Scotland.

Wello is a developer of wave energy converters. Its history dates back to 1976 when its founder started experiments with various wave energy concepts. After testing dozens of concepts and spending thousands of hours at sea, the current model was selected for further development in 2008. Since that a number of scale models have been built and tested successfully in laboratory and at sea. Most recently a full size 0.5 MW prototype, named Penguin, has been built and tests are about to commence in Scotland. A 1 MW wave energy park is planned to be operating by 2013 and a 10 MW wave energy park by 2016.

Aki Luukkainen has an 18-year track record in executive management, corporate development and sales and marketing roles in the international markets. He has previously held executive positions in growth companies and large corporates as well as spin as an entrepreneur. He holds a Master of Science degree from Helsinki University of Technology and MBA from Helsinki School of Economics.

"Wello has unique knowledge to unleash biggest source of renewable energy to electricity," said Mr. Vesa Sadeharju, Chairman of Wello. "Wello has perfect solution to fulfill the increasing demand of producing part of the electricity with renewable sources and cutting down carbon emissions."

"Wello's simple and unique working principle is clearly superior," said Mr. Aki Luukkainen, newly appointed CEO of Wello. "I'm impressed of Wello’s approach to convert wave energy directly to electricity without unnecessary conversions allowing clean energy production in large scale. I'm very much looking forward to help to launch the Penguin in the international energy markets."

"Aki's experience and expertise are exactly what is needed to take Wello to the next level," said Mr. Heikki Paakkinen, Founder and Chief Innovation Officer of Wello Ltd. "Having grown the company from early idea, I'm excited to welcome Aki with his significant and wide experience to launch Wello to international markets."

Wello’s Penguin has a nominal power generation capacity of 0.5MW, with upgrade path towards 10MW power farms. The Penguin is a fully sealed floating generator platform with all moving parts inside the platform. Wave energy is converted directly to electricity inside the floating equipment and connected to national electricity network grid.

For further information, please contact
Aki Luukkainen
+358-40-517 83 87
Wello press photos are available at www.wello.eu/imagearchive.php

Wello Ltd.
Aki Luukkainen