Nov 30 2010
Scottish and Southern Energy (SSE) gets a 45% stake in the Wave Energy Developer Aquamarine Power as it has given the go ahead for further investments of GBP 2.7 million, thus totally investing an amount of GBP 19.8 million during the past three years.
The Power and Automation Technology Company, ABB Group’s subsidiary company, ABB Technology Ventures, which is its investment arm, has also made a decision to invest GBP 8 million in Aquamarine Power.
Aquamarine Power is at present crafting the Oyster 2, which is an innovative hydro electric wave energy converter. This is expected to be ready for installation next year. The existing Oyster device with a capacity of 300 kW has been taken for sea trials in the Orkney’s European Marine Energy Centre.
SSE’s CEO, Ian Marchant, revealed that Wave energy would be a vital source of electricity in the future. He mentioned that Aquamarine Power is carrying out a critical role in developing this technology. He felt that SSE’s newest investment validates the company’s beliefs in potential of wave energy and also Aquamarine’s skill to fulfill it.
Source: http://www.scottish-southern.co.uk//