Marine hydro developer Aquamarine Power took a major step toward the commercialization of their Oyster wave energy technology with the announcement of GBP11 million (US$17.1 million) in new investment in the company.
The announcement was made as Scotland's First Minister Alex Salmond officially opened the company's new premises in Elder Street, Edinburgh.
The new funds comprise GBP8 million from ABB, one of the world's leading power and automation technology companies, and GBP3 million from Aquamarine Power's existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.
In other news, A U.S. subsidiary of marine hydro firm Aquamarine Power has secured a grant to explore the potential of Oregon's coastline for electricity generation.
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