Ocean energy developer Aquamarine Power Ltd. has raised 10 million pounds (US$16.2 million) for further development of its Oyster wave energy converter.
The company recently bolted its 194-ton converter to the ocean floor at the European Marine Energy Center in the Orkney Island and is testing the device. (HydroWorld 8/18/09)
The additional financing “proves that there is considerable investor appetite for renewable energy companies,” said Martin McAdam, chief executive officer of Aquamarine.
Part of the financing came from Scottish and Southern Energy, Aquamarine said. The company said it needed about 50 million pounds (US$81.7 million) to take Oyster to commercial scale by 2014. As of April, the company said it had invested about 20 million pounds (US$32.7 million).
The Oyster unit is designed to capture energy from near-shore waves. The system includes an oscillating pump fitted with double-acting water pistons. Each wave activates the pump, delivering high-pressure water by pipeline to an onshore turbine that generates electricity.
All electrical components of Oyster are onshore, making it durable enough to withstand rough seas.