£11m new investment secured
24 Nov 10
We took a major step towards the commercialisation of our Oyster
technology today with the announcement that we have secured £11
million new investment.
We announced our new investment as Scotland's First Minister
Alex Salmond MSP officially opened our new premises in
The new funds comprise £8 million from ABB, one of the world's
leading power and automation technology companies, and £3 million
from our existing shareholders, which include SSE Venture Capital,
the ventures unit of SSE (Scottish and Southern Energy plc).
Third party endorsement
This new investment is a major achievement for Aquamarine Power
and marks a significant endorsement of our Oyster wave power
As the announcement of our new investment was made, our CEO
Martin McAdam said:
"This is a game-changing moment for our company and for the UK's
marine energy industry.
Gaining early-mover advantage
"ABB is a global leader in power and automation technologies and
they have taken a strategic decision to invest in our Oyster
technology. Through working together, ABB will gain an early-mover
advantage in our wave energy technology, whilst we will be able to
access ABB's technical, research and engineering expertise and
utilise their global supply chain network.
"Our companies are very different in size but similar in
ambition. This is a strategic partnership with the shared goal of
accelerating the commercialisation and installation of Oyster wave
energy technology around the world.
"We would also like to thank our existing investors who remain
exceptionally supportive of our business strategy."
First Minister Alex Salmond said:
"I'm delighted to officially open Aquamarine Power's new
premises as we celebrate this substantial investment in the
company. It is further clear and tangible evidence of the continued
growth and confidence in Scotland's renewables industry and the
contribution that wave power can make to clean, green energy
generation and reductions in harmful global carbon emissions.
Scottish success story
"Scotland has not only unrivalled natural energy resources but a
wealth of talent and technical expertise in offshore power
production. Aquamarine Power is a tremendous Scottish success
story, at the leading edge of a frontier technology that is
attracting serious investment from leading global players such as
ABB and SSE. I'm delighted to welcome its latest success as we work
together to forge the new low carbon economy. Substantial
investment from such serious companies as this is a demonstration
that the green energy revolution is underway and that Scotland is
leading the charge."
"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
Ian Marchant, Chief Executive of SSE, 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 Power to