Wave Power Generator Gains Funding for Ocean Energy

With successful trials putting electricity into the Portuguese national grid already complete, equity funding for the Archimedes Wave Swing (AWS) generator of GBP2 million [~USD$3.6 million] has now been raised by its developer, AWS Ocean Energy Ltd., a privately owned Scottish company.

The new funding will enable AWS to assemble a world-class engineering and commercial team at its headquarters in Ross-shire, Scotland, and to complete the design of a full-scale demonstrator to be fabricated in 2007 and commissioned in 2008. The updated Mark Two design will build on last year’s successful testing off the coast of Portugal. The AWS system is moored to the seabed, invisible from the surface, and generates electricity when passing waves move an air-filled upper casing against a lower fixed cylinder. It was originally invented in the Netherlands, and AWS Ocean Energy was formed in 2004 as a British company to develop and apply the technology, which is fully protected by international patents in both the UK and overseas markets. RAB Capital, supplier of the funding, was found on the advice of clean energy investment and advisory firm Tersus Energy Plc. Jeremy Smith, a Vice-President at Tersus, commented: “We are very impressed by the commercial potential of AWS Ocean Energy’s unique technology, and believe it can become a winner in the global market for generating electricity from wave energy.” Simon Grey, Managing Director of AWS Ocean Energy, acknowledged that “This early backing from one of London’s leading investment management companies demonstrates that robust and efficient wave power technology has an exciting contribution to make to the supply of renewable, secure energy.”
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