£6m funding secured
21 Jun 10
We are pleased to announce today that we have successfully
raised an additional £6 million of investment which will fund the
procurement programme for our second Oyster wave energy
This news follows our recent unveiling of the design of our
Oyster 800 wave power device which we will build in Scotland
later this year. Oyster 800 will deliver 250 per cent
more power than the first Oyster with only a 50 per cent increase
in the device's width. We have been conducting sea trials of Oyster
1 at the European Marine Energy Centre (EMEC) in Orkney since
Installation of Oyster 800
We will begin installation of Oyster 800, which will consist of
three flaps linked to a single onshore 2.4 MW hydro-electric
turbine, at EMEC in the summer of 2011.
Speaking about our new investment, Martin McAdam, our Chief
Executive Officer, commented:
"Aquamarine Power has made substantial progress over the last 12
months. Our current Oyster device has performed well during
sea trials surviving the harshest winter seas off the coast of
Orkney. The data we have gathered from Oyster 1 has enabled
us to design a much more powerful Oyster 800.
"This additional fundraising enables us to progress to the next
phase - the manufacture and installation of Oyster 800.
"As an emerging industry, marine energy has a substantial
funding requirement and the financial support of investors and the
UK and Scottish Governments is paramount to its success.
"Once again I would like to thank all of our investors, which
include SSE, Scottish Enterprise, our Norwegian investors and Sigma
Capital Group plc for their support, as we surge forward with the
development of our technology and our company."