Scottish and Southern Energy (SSE) is investing a further £2.7m in the wave energy developer Aquamarine Power.
The investment takes SSE’s total investment in the company over the last three years to £19.8m, giving it a 45 per cent stake.
ABB Technology Ventures, the technology investment arm of ABB Group, has also decided to invest £8m in Aquamarine Power.
Aquamarine Power is currently developing a hydro-electric wave energy converter, Oyster 2, which is expected to be deployed next year. Oyster 1 is already undergoing trials at the European Marine Energy Centre in Orkney.
The 800kW Oyster 2 model measures 26 by 16m and was unveiled in May this year.
While the overall design concept remains the same as the 300kW Oyster 1, each component of Oyster 2 has been improved to increase efficiency. In addition, all of the device’s hydraulic elements are now modular, so they can be changed more easily during maintenance and installation.