Wave energy company Aquamarine Power raises £10m for new technology
22nd September 2009
Aquamarine Power raises £10m funding
Aquamarine Power, a wave energy developer, has raised £10m in the first round of its fundraising from UK and Irish-based investors.
This financing follows the announcement in August that a full scale demonstrator of Aquamarine’s Oyster wave energy converter has now been successfully deployed at its testing berth at the European Marine Energy Centre in Orkney.
Work is currently underway to connect Oyster to sub-sea pipelines which will deliver high pressure water to an onshore turbine. The company expects the system to begin generating power to allow offshore testing later this year.
The proceeds of the fundraising will be used to fund the testing programme and for general working capital purposes.
Aquamarine has set itself a total funding requirement of approximately £50m to take Oyster through to commercialisation, which will be raised in stages with a second funding round expected to start soon.
Aquamarine already has an agreement in place with Airtricity, the renewable energy division of Scottish and Southern Energy to develop up to 1,000MW of marine energy sites by 2020 using Oyster technology.
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