Scottish wave energy company Aquamarine Power has bagged £7million extra funding from its investors to commercialise its Oyster technology. The Oyster is a wave-powered pump which pushes high pressure water to drive an onshore hydro-electric turbine.
Announcing the news today, Scotland’s First Minister Alex Salmond said: “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 received £3million each from SSE’s venture capital branch and efficiency technology firm ABB, with £1million more coming from development agency Scottish Enterprise. The shareholders are planning to drum up a further £18million to fully commercialise in 2014.
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