Aquamarine Power secures major investment

Scottish Enterprise (SE) has welcomed the news that wave energy developer Aquamarine Power has taken a major step towards the commercialisation of its Oyster technology with the announcement of £11 million new investment in the company.

The new funds comprise £8 million from ABB, one of the world’s leading power and automation technology companies, and £3 million from Aquamarine Power’s existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.

The investment is a major achievement for the Edinburgh-based firm and marks a significant endorsement of the company’s Oyster wave energy technology. Read more.

SE works closely with the company to support its ambitious growth plans and has invested in the company via the Scottish Venture and Co Investment Funds. Watch SE's video case study about Aquamarine Power.

Recently, Aquamarine Power has also received a grant from the WATERS fund (Wave and Tidal Energy: Research, Development and Demonstration Support) which is designed to help to develop emerging energy technologies and improve the operation of marine renewables devices.

WATERS is a collaboration between the Scottish Government, Scottish Enterprise and Highlands and Islands Enterprise with support from European Regional Development Funds

The £3.15 million grant is supporting the demonstration of Aquamarine's Oyster 3 project at the European Marine Energy Centre in Orkney. Read more.