Oyster wave energy converter prior to installation in Orkney

£10m new investment secured

21 Sep 09

We are pleased to announce that we have successfully closed our first round of fundraising with £10 million from investors based in the UK and Ireland.

The proceeds of this fundraising round will be used to fund the testing programme of our first full-scale Oyster prototype which is due to be grid-connected at the European Marine Energy Centre (EMEC) in Orkney later this year.

Last month Oyster was installed at its testing berth at EMEC in Orkney, on schedule and within forecast costs.  Work is currently ongoing to connect Oyster to sub-sea pipelines which will deliver high pressure fresh water to an onshore turbine.

We have a total funding requirement of approximately £50 million to take Oyster through to commercialisation.  This will be raised in stages, with a second fundraising round due to commence shortly.