OCEAN FLOW ENERGY AWARDED SHELL SPRINGBOARD
26 Feb 2009
Ocean Flow Energy receives Shell Springboard Award for Evopod™
Aquamarine Power Ltd (“Aquamarine”) is pleased to announce that Ocean Flow Energy Ltd has been awarded £20,000 as one of three North Region winners of Shell Springboard. Shell Springboard is designed to support innovative solutions to tackle climate change.
Aquamarine made a significant investment in Ocean Flow Energy in December 2008, strengthening its portfolio by securing the new technology known as Evopod™ - a device to produce energy from deep water tidal resource.
Shell Springboard gives a financial boost to innovative, commercially viable business ideas that tackle climate change. The programme encourages a positive business response to the challenge of climate change by providing a no-strings financial boost to small companies with innovative products and services that could help reduce greenhouse gas emissions and really make a difference.
Graeme Mackie from Ocean Flow Energy said, “This is fantastic news. The Shell Springboard award is a wonderful endorsement of our technology and the £20,000 will support us in taking our trial device to a size that can provide useful power to coastal communities.”
Sue Paterson, UK Partner Operated Ventures Manager for Shell UK said: “Congratulations to Graeme and Ocean Flow Energy. The ‘Evopod’ not only has huge commercial potential but could have a significant impact on the UK’s carbon emissions. It’s this kind of cutting-edge innovation that has made the UK a world leader in low carbon technology investment. In a difficult economic climate, it has become more important than ever that we continue to foster such independent entrepreneurialism which is so crucial to the UK economy in the long term.”
Aquamarine’s Chief Executive Officer Martin McAdam added “I would like to congratulate Ocean Flow Energy on this outstanding achievement. Receiving the Shell Springboard is a testimony to their technology innovation and advancement. Aquamarine is extremely proud to be working with Ocean Flow Energy at this time and look forward to supporting the ongoing development of this technology.”
For further information regarding Shell Springboard, please visit http://www.shellspringboard.org/.
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