SSE (Scottish and Southern Energy plc) is the UK's leading
generator of renewable energy. SSE became a major shareholder
in Aquamarine Power in 2007.
Since its initial investment of £6.3 million, SSE has continued
to invest in our company through its corporate venture arm, SSE
Ventures. SSE Ventures was established in 2007 with a remit
to develop and grow SSE's portfolio of investments in small and
medium-sized businesses offering renewable, sustainable and energy
efficiency products and services.
In February 2009, we signed a development agreement with SSE
Renewables, SSE's renewables arm, to develop sites capable of
hosting up to 1,000MW of marine energy by 2020.
Under the agreement, our two companies will enter into 50:50
joint ventures to develop marine energy sites in the UK and
Ireland. In March 2010, our first joint venture partnership with
SSE Renewables - known as Brough Head Wave Farm Limited (BHWFL) -
was awarded exclusive development rights to an area of the seabed
off the coast of Orkney as part of the world's first commercial
leasing programme for marine energy projects.
SSE is represented on our Board of Directors by Jim Wilson,
Investment Manager at SSE Ventures.
Aquamarine Power is playing a pivotal role in the development of the wave energy industry. SSE's continued investment in Aquamarine Power is confirmation of our belief in the potential of wave energy and in the ability of Aquamarine Power to fulfil it.”Ian Marchant, Chief Executive
SSE (Scottish and Southern Energy plc)