£11m energy investment for wave energy developer

£11m has been announced for investment in wave energy developer Aquamarine Power.

This will be a major step towards the commercialisation of their Oyster wave power technology, which has been designed to capture energy found in nearshore waves and convert it into clean sustainable electricity.

Oyster wave power technology has a number of natural competitive advantages including accessibility, reliability, survivability, efficiency, scalability and adaptability.

The new funds comprise £8m from ABB, one of the world's leading power and automation technology companies, and £3m from Aquamarine Power's existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.

First Minister Alex Salmond said: "Aquamarine Power is a tremendous Scottish success story, at the leading edge of a frontier technology that is attracting serious investment from leading global players such as ABB and Scottish and Southern Energy."

Further information:
Aquamarine Power