09 Dec 2010

Scottish Enterprise: investment in wave energy company Aquamarine leads to manufacturing deal


Aquamarine Power, a wave energy company that has received support from Scottish Enterprise, has awarded a £4 million contract for the manufacture of its Oyster wave energy device Burntisland Fabrications Ltd.

This follows the announcement of a £11 million new investment in Aquamarine Power by the power company ABB and existing shareholders, including the utility company Scottish and Southern Energy.
The Oyster 2 device will be installed and tested at the European Marine Energy Centre (EMEC) near Stromness in Orkney during the summer of 2011.

The project has grant funding from the UK government’s public fund, the Carbon Trust and Scottish Enterprise. Martin McAdam, Chief Executive Officer of Aquamarine Power said the public funding has enabled the company to leverage significant private sector investment.

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