Money for wave investment

Scottish wave energy company AWS Ocean Energy has secured new investments to commercially develop and deploy its Archimedes Wave Swing

Scottish wave energy company, AWS Ocean Energy, has secured new investments from Shell Technology Ventures Fund (STV) and the investment fund Tudor BVI Global Portfolio. STV Fund, part of the Kenda Capital portfolio, focuses on renewable energy technologies that show significant promise of delivering cost-competitive energy.

These new investments, coupled with the £2m grant the Scottish government made to AWS last year, will allow the company to commercially develop and deploy its Archimedes Wave Swing, which it claims is the word’s first submerged wave energy system.

Simon Grey, chief executive of AWS Ocean Energy said: ‘The investment made by STV Fund and Tudor is a significant step forward for the company and the wave sector as a whole. Having their backing, alongside the Scottish Government, is an endorsement of what we have achieved so far and important for our future plans. This new investment will allow us to continue building our technical team where we have some really exciting opportunities opening up.’

The AWS team will deploy a demonstration 250KW pre-commercial prototype at Orkney’s European Marine Energy Centre in 2009. Grey said he expects this to lead on to the first phase of a commercial demonstration farm in 2011 which may expand to 100 AWS units within three years.