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Shareholders commit to ongoing funding for Aquamarine Power

EDINBURGH, Scotland 10/05/11 (PennWell) -- Marine energy developer Aquamarine Power announced it closed a funding round of 7 million pounds (US$10.8 million) from its major shareholders and won a commitment of further investment over the next two years.

Aquamarine said September 27 it received funding of 3 million pounds (US$4.64 million) each from SSE Venture Capital, the investment unit of Scottish and Southern Energy, and from multi-national equipment manufacturer ABB. It also received 1 million pounds (US$1.54 million) from Scottish Enterprise, Scotland's investment agency, via Scottish Investment Bank.

The three shareholders also are developing another funding package of 18 million pounds (US$27.87 million) to take the company to commercialization of wave energy development in 2014. The latest announcement follows word earlier in September than Barclays would lend 3.4 million pounds (US$5.26 million) to Aquamarine to help finance completion of a 2.4-MW Oyster array at the European Marine Energy Centre (EMEC) in Orkney.

The Scotland-based developer unveiled in July the 800-kW Oyster 800, the firm's next-generation wave energy converter. It installed and grid-connected its first full-scale 315-kW Oyster at EMEC in 2009.

The Oyster technology, which is designed to capture energy from amplified surge forces in near-shore waves, includes an oscillating wave surge converter fitted with double-acting water pistons. Each passing wave activates the pump, delivering high-pressure water by pipeline to shore where it powers conventional hydroelectric generators.

Aquamarine says Oyster 800 is 26 meters wide by 16 meters high and is to deliver 250 percent more power than the original Oyster unit.


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