Wave energy developer Aquamarine Power says that the injection of £11 million of funding into its business marks a significant endorsement of its Oyster technology.
The firm has announced that it has received £8 million of funds from ABB and a further £3 million from existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.
It says that the funding will help it commercialise the Oyster wave energy machine, which is a large, clamshell-shaped device.
The first Oyster unit was installed and connected to the grid last year in Scotland. Aquamarine in also working on a second-generation device.
“This is a game-changing moment for our company and for the UK's marine energy industry,” says Aquamarine Power CEO Martin McAdam.
“ABB is a global leader in power and automation technologies and they have taken a strategic decision to invest in Oyster technology,” continued McAdam. “Through working together ABB will gain an early-mover advantage in our wave energy technology, whilst we will be able to access ABB's technical, research and engineering expertise and utilise their global supply chain network.
“Our companies are very different in size but similar in ambition. This is a strategic partnership with the shared goal of accelerating the commercialisation and deployment of Oyster wave energy technology around the world.”
Scotland's First Minister Alex Salmond said that the investment represented “clear and tangible evidence of the continued growth and confidence in Scotland's renewables industry and the contribution that wave power can make to clean, green energy generation and reductions in harmful global carbon emissions”.
The investment in Aquamarine Power was made by ABB Group's technology investment arm, ABB Technology Ventures.
“Wave energy is primed to become an important part of the world's renewable energy portfolio,” said Brice Koch, head of ABB Marketing and Customer Solutions. “This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power's technology and its management team.”
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