The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Aquamarine Power Nets Another £6M in Funding

Wave energy developer, Aquamarine Power, announced that it has successfully raised an additional £6 million of funding. This follows the recent unveiling of the design of its Oyster 2 device which will be built in Scotland later this year. The proceeds of the fundraising will be used to fund the procurement program and provide general working capital.

This new generation of the device has a capacity of 800 kilowatts (kW) and is expected to deliver 250 percent more power than the original Oyster 1 with only a 50 percent increase in footprint. Oyster 1 has been undergoing sea trials at the European Marine Energy Centre (EMEC) in Orkney since November of last year and is connected to the National Grid.

Aquamarine will begin deployment of Oyster 2, which consists of three flaps linked to a single onshore 2.4 MW hydro-electric turbine at EMEC in Summer 2011. Earlier this year Aquamarine Power secured an award from the Carbon Trust’s Marine Renewables Proving Fund (MRPF) to support the manufacture of Oyster 2.

In partnership with SSE Renewables, the company has already been successful in the Crown Estate leasing round, securing exclusive rights to develop the 200-megawatt (MW) Brough Head wave farm. This joint venture is the first site development within the agreement with SSE Renewables to jointly develop up to 1,000 MW of marine energy sites by 2020 using Oyster technology.

“Aquamarine Power has made substantial progress over the last 12 months. Our current Oyster device has performed well during sea trials surviving the harshest winter seas off the coast of Orkney and the data we have gathered from it has enabled us to design a much more powerful Oyster 2," said Martin McAdam, CEO of Aquamarine Power. “As an emerging industry, marine energy has a substantial funding requirement and the financial support of investors and the UK and Scottish Governments is paramount to its success."

Untitled Document

RELATED ARTICLES

Renewable Energy Gains Greater Opportunity in US Clean Power Plan

Elisa Wood After a year of being pummeled by opponents, Obama’s final carbon reduction plan emerged this week with an even stron...

Listen Up: Vampires Sucking Power from your House

The Energy Show on Renewable Energy World Here’s a nightmare for you: at night, when you’re asleep and you think things are quiet, there are vampires sucking p...

Some Hope for US Renewable Energy Tax Credits As Extension Bill Passes Committee

Vince Font In a lopsided 23-3 vote, the U.S. Senate Finance Committee voted yesterday to extend a number of renewable energy pro...
Renewable energy globe lightbulb

Global Renewable Energy Is Status Positive

David Appleyard, Contributing Editor The headline figure from the authoritative REN21 Renewables Global Status Report 2015 (GSR) states renewables account...

PRESS RELEASES

20 days to GRC Annual Meeting & GEA Geothermal Energy Expo

The Geothermal Resources Council (GRC) has announced that it is only 20 days to go to t...

AWS Truepower Announces Major Expansion of its Due Diligence Team in Response to Growing Market Demand

AWS Truepower, an international leader in wind and solar energy consulting and engineer...

Array Technologies’ DuraTrack HZ v3 Continues to (R)evolutionize at SPI

Array Technologies, Inc. (ATI) prepares to showcase its recently launched tracking syst...

Appalachian's Energy Center assists counties with landfill gas to energy projects

The Appalachian Energy Center at Appalachian State University recently completed a proj...

FEATURED BLOGS

How To Get People To Do Stuff

It’s no secret that psychology and sales go hand in hand. If you understand the principles of human psychology ...

Get In The Groove

When we talk about strategies for boosting productivity, we often overlook the fact certain projects lend themselves ...

Transitioning to Net-Zero Living

Judith and Jeffrey adore living in Belfast, Maine – a quaint harbor town of Belfast, Maine. They previously res...

The True Cost of Electric Vehicles in Australia

In order to avoid increased congestion, further greenhouse warming and lessen Australia’s reliance on imported ...

FINANCIAL NEWS

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @jennrunyon

FEATURED PARTNERS



EVENTS

International Energy and Sustainability Conference 2015

The fourth International Energy and Sustainability Conference will be he...

Microhydro System Design and Installation Workshop

Participants will learn about: site assessment techniques including the ...

5th Annual Hydro Plant Maintenance

Join maintenance professionals to discuss the challenges in maintenance ...

COMPANY BLOGS

Europe Leading Tidal Development, but US and Asia Catching Up

New analysis from market research and analysis firm Frost & Sullivan...

HydroVision International 2015 was a ‘wicket’ cool week enjoying li...

Wow! What for some may be just another conference, for me, HydroVision I...

New coating extends cylinder life 8 times longer than traditional c...

Hydroelectric turbine systems operate in extremely harsh conditions. The...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS