Date Created: 27 September 2011
This is great news for Scotland’s world-leading wave power industry and a clear signal to the wider energy and investment community that marine technologies can be compelling investment propositions
Aquamarine Power, the wave energy company behind the Oyster technology, has secured new funding of £7 million.
The additional investment comprises £3 million each from major shareholders SSE Venture Capital, part of Scottish and Southern Energy, and ABB, the multinational power and automation company. An additional £1 million is being provided by Scottish Enterprise via the Scottish Investment Bank.
As Aquamarine Power's major shareholders SSE, ABB and Scottish Enterprise are also working together to develop a funding package of a further £18 million to take the company to commercialisation in 2014.
The new funding sends a strong signal that Scotland's growing marine energy sector is the ideal place for investment. The Carbon Trust has recently predicted that marine energy could support over 68,000 jobs and generate up to £76 billion in the UK by 2050.
The new funding round was announced as global delegates gather in Scotland for the second Scottish Low Carbon Investment Conference.
Marking the new funding round, Scotland's First Minister Alex Salmond said:
"In Scotland we have shown that where the public sector provides the right conditions and works strategically with industry, that investment and jobs follow. 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% of electricity demand from renewables.
"That is why I am delighted to announce that Aquamarine Power, one of Scotland’s great green energy success stories, is celebrating a further investment of £7 million to help it take another step towards the commercialisation of its Oyster wave energy technology. This is great news for Scotland’s world-leading wave power industry and a clear signal to the wider energy and investment community that marine technologies can be compelling investment propositions."
Martin McAdam, Aquamarine Power's CEO, said:
"This new investment and further financial commitment from our existing shareholders is another tremendous vote of confidence in Aquamarine Power’s Oyster technology, our team, and the global market potential of nearshore wave energy.
"This level of commitment frees us up to concentrate fully on the challenge of deploying Oyster technology to produce cost effective, reliable, clean energy from the sea. Our goal is to start delivering the first pre-commercial marine energy array in Scotland in 2014."
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