TECHNOLOGY investment firm ABB Technology Ventures is to invest £8m in wave energy developer Aquamarine Power, it was announced today.
Aquamarine has also raised a further £3m from existing shareholders, primarily from the ventures arm of UK utility Scottish and Southern Energy.
SSE Venture Capital is to invest £2.7m, which raises its total investment in Aquamarine to £19.8m and gives it a 45 per cent stake in the wave energy company.
The total £11m new investment is a major achievement for Edinburgh-based Aquamarine, which is developing a 2.4MW hydro-electric wave energy converter, Oyster 2, expected to be deployed next year.
“This is a game-changing moment for our company and for the UK’s marine energy industry,” said chief executive Martin McAdam.
Its existing 300kW Oyster device has been undergoing sea trials at the European Marine Energy Centre in Orkney.
"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, which oversees the company’s renewable energy initiatives among other activities.
“This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power’s technology and its management team.”
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 to help fulfil it.”
ABB Technology Ventures is the technology investment arm of the Swiss global power and automation company, ABB Group.