£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