Power firm generates investment
September 22, 2009
The company behind the Oyster wave-powered generator has raised £10m in its first round of fund raising.
One of Aquamarine Power's devices was recently installed at the European Marine Energy Centre in Orkney.
It will be connected to the national grid as part of sea trials, with the first commercial wave-power station, scheduled to be ready in 2014.
A further £40m will be required to develop Oyster before it becomes commercially viable.
The Edinburgh-based company is to partner with Airtricity, a subsidiary of Scottish and Southern Energy, with the intention of generating one gigawatt of marine energy by 2020.
Chief executive Martin McAdam said: "Raising substantial funds in these exceptionally difficult market conditions is an incredible achievement for Aquamarine."
He added: "It proves that there is considerable investor appetite for renewable energy companies."
The Oyster wave-powered generator is a hinged flap connected to the sea-bed, with each wave moving the flap to drive a hydraulic piston, delivering high-pressure water to an onshore turbine.
It is designed for use in water close to the shore, and up to 12 metres in depth.
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