Aquamarine Power has secured £7m in funding to help take the company’s Oyster wave energy converting technology to deployment in 2014.
The investment comprises £3m each from major shareholders SSE Venture Capital, the ventures unit of Scottish and Southern Energy, and ABB, plus a further £1m from Scottish Enterprise.
Aquamarine Power’s existing major shareholders are now working together to develop a further funding package of £18m to take the company to commercialisation in 2014. In operation, Oyster sits on the sea bed and its large, buoyant oscillating flap captures energy in nearshore waves and converts it into electricity by pushing high-pressure water to drive an onshore hydro-electric turbine.
Martin McAdam, Aquamarine Power chief executive officer, said: ‘We are still seeking new shareholders who can bring additional finance and technical expertise to our business by investing alongside our existing shareholders in future rounds.
‘However this level of commitment frees us up to concentrate fully on the challenge of deploying Oyster technology. Our goal is to start delivering the first pre-commercial marine energy array in Scotland in 2014.’
Today’s announcement was made by Scotland’s first minister Alex Salmond MSP during his opening address at the Scottish Low Carbon Investment Conference, held in Edinburgh.
‘In Scotland we have shown that where the public sector provides the right conditions and works strategically with industry, that investment and jobs follow,’ said Salmond. ‘This has been evident in several sectors, including in marine energy, which will make an important contribution to us achieving our 2020 target to generate the equivalent of 100 per cent of electricity demand from renewables.’