Wave energy developer completes funding round

Scotland-based wave energy developer Pelamis Wave Power announced it has completed a 5 million pound (US$7.7 million) funding round to support its ongoing investment in wave energy research and development.

Pelamis, which recently completed the 2.25-MW Agucadoura wave farm off the northern coast of Portugal, said the additional finance will enable it to accelerate construction of the next generation of wave energy converters. (HNN 9/24/08)

The developer said November 4 the fundraising was supported by a number of existing shareholders including Emerald Technology Ventures, Statoilhydro Venture, BlackRock, Atmos, and SPG Sustainable Performance Group.

The fundraising also included a 2 million pound (US$3 million) investment from Scottish Enterprise's Scottish Venture Fund, in which Scotland's government invests with private sector partners in innovative Scottish companies.

Pelamis technology utilizes steel "sea-snakes" that are moored to the seabed to harness wave action for power generation.

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