Aquamarine plan to secure further investment               15/9/13

The wave farm developer which plans to build a marine energy scheme off Lewis says Scottish Government funding should help it tap into more investment to expand.

Aquamarine Power are currently testing full scale wave machine, known as the Oyster, at the European Marine Energy Centre (EMEC) in Orkney, and are now producing electrical power to the grid.

Commenting on the announcement of new wave energy funds by Fergus Ewing MSP, Aquamarine Power Chief Executive Officer Martin McAdam said: “Aquamarine Power has proved Oyster works and can generate power in our ocean’s most powerful storms. Oyster has now been operating in nine metres waves which few other technology developers have achieved.

“Our major challenge is to continue to secure the investment required to further improve the reliability of our current Oyster 800 machine and begin the design of our next-generation Oyster 801.

“The industry continues to suffer from significant under-investment and this type of grant support is essential. I hope that this grant funding will encourage major Scottish and UK firms to see the potential of this industry and take an interest in its success through investment and partnership.

"We are very grateful for the continued support and confidence of the Scottish Government in our technology.

"I hope that this award will help us to attract the major investment we require to develop a commercially competitive wave energy technology. ”