Members of Aquamarine Power's Board of Directors

£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 Edinburgh.

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 technology.

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 team."

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 fulfil it."


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