UK: New Investors to Help Aquamarine Power Market Wave Technology

UK: New Investors to Help Aquamarine Power Market Wave Technology

Aquamarine Power Ltd. plans to bring its technology to market by adding one or two new investors, who will provide funds and expertise to help the company achieve this goal, Aquamarine’s CEO Martin McAdam revealed to Bloomberg without giving further details on this subject.

Aquamarine Power, with ABB, SSE and Scottish Enterprise as its major shareholders, is testing its Oyster wave energy device at the European Marine Energy Centre’s test site near Stromness in Orkney and is waiting for the Scottish Government to fully approve the 40MW Oyster wave array off the Isle of Lewis, according to Mr.McAdam.

Moreover, the company is working on a 200MW wave project off the west coast of Orkney with SSE Renewables.

As the industry progresses towards constructing pre-commercial wave energy farms, developers will deploy their projects at the sites this year, Mr. McAdam told Bloomberg and added: “Once these schemes get underway and start delivering electricity in 2014 and 2015, I anticipate we may see consolidation in the tidal sector, and new investment in leading wave energy technologies.”

The Oyster wave power device is a buoyant, hinged flap which is attached to the seabed at depths of between 10 and 15 metres, around half a kilometre from the shore. This location is often referred to as the nearshore. The device is a wave-powered pump which pushes high pressure water to drive an onshore hydro-electric turbine, capturing energy in nearshore waves and converting it into clean sustainable electricity.


Offshore WIND Staff, January 10, 2013; Image: Aquamarine Power