Aquamarine Power, an Edinburgh, Scotland-based wave energy company, raised £7m in new funding.
The round includes £3m each from SSE Venture Capital, the ventures unit of Scottish and Southern Energy, and ABB, together with a further £1m from Scottish Enterprise, via the Scottish Investment Bank.
The company intends to use the funds to continue to develop its Oyster technology, a wave power technology that captures energy in nearshore waves and converts it into clean sustainable electricity.
SSE, ABB and Scottish Enterprise have also committed to provide an additional £18m funding over the next two years to take the company to commercialization in 2014.
This new funding follows a recent £3.4m loan from Barclays to part-finance the completion of an Aquamarine’s 2.4MW Oyster array, located at the European Marine Energy Centre (EMEC), Orkney.
The company is led by CEO Martin McAdam.