Friday, July 1, 2022
BusinessFirst Minister waves hello to new Aquamarine Power offices

First Minister waves hello to new Aquamarine Power offices

FIRST Minister Alex Salmond opened new offices of a renewable energy developer in Edinburgh today (Wed) after the announcement of a new £11 million investment in the company.

Aquamarine Power, a leading Scottish company in wave energy, have opened new offices in Elder Street and have taken a major step towards the commercialisation of their Oyster technology thanks to new funding.

Oyster wave power technology has been designed to capture energy found in nearshore waves and convert it into clean sustainable electricity.

The new funds comprise £8 million 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.

Mr Salmond said: “I’m delighted to officially open Aquamarine Power’s new premises as we celebrate this substantial investment in the company.

“It is further clear and tangible evidence of the continued growth and confidence in Scotland’s renewables industry and the contribution that wave power can make to clean, green energy generation and reductions in harmful global carbon emissions.

“Scotland has not only unrivalled natural energy resources but a wealth of talent and technical expertise in offshore power production.

“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.

“I’m delighted to welcome its latest success as we work together to forge the new low carbon economy. Substantial investment from such serious companies as this is a demonstration that the green energy revolution is underway and that Scotland is leading the charge.”

Martin McAdam, CEO of Aquamarine Power, said: “This is a game-changing moment for our company and for the UK’s marine energy industry. ABB is a global leader in power and automation technologies and they have taken a strategic decision to invest in Oyster technology.

“Through working together ABB will gain an early-mover advantage in our wave energy technology, whilst we will be able to access ABB’s technical, research and engineering expertise and utilise their global supply chain network.

“Our companies are very different in size but similar in ambition. This is a strategic partnership with the shared goal of accelerating the commercialisation and deployment of Oyster wave energy technology around the world.

“We would also like to thank our existing investors who remain exceptionally supportive of our business strategy.”

Brice Koch, head of ABB Marketing and Customer Solutions said that wave energy is becoming increasingly important.

He added: “This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power’s technology and its management team.”

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