Aquamarine Power bags £11m further investment

Wave energy developer Aquamarine Power has netted £11m-worth of new investment. The announcement was made today as Scotland’s First Minister Alex Salmond officially opened the company’s new offices in Edinburgh. […]

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By Kelvin Ross

Wave energy developer Aquamarine Power has netted £11m-worth of new investment.

The announcement was made today as Scotland’s First Minister Alex Salmond officially opened the company’s new offices in Edinburgh.

The new funds comprise £8m from ABB, a Swiss-Swedish multinational specialising in power technologies, and £3m from Aquamarine Power’s existing shareholders, including £2.7m from Scottish & Southern Energy.

Aquamarine Power chief executive Martin McAdam said the investment is “a game-changing moment for our company and for the UK’s marine energy industry”.

SSE chief executive Ian Marchant said: “Wave energy can play a very important part in meeting our electricity needs over the long term. Aquamarine Power is playing a pivotal role in the development of the technology, and this latest investment by SSE is confirmation of our belief in the potential of wave energy and in the ability of Aquamarine Power to fulfil it.”

Brice Koch of ABB added that wave energy “is primed to become an important part of the world’s renewable energy portfolio”.

He said: “This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power’s technology and its management team.”