Aquamarine Power, an Edinburgh, UK-based wave energy developer, has received an £11m equity financing.
Funds include £8m from ABB Technology Ventures and £3m from existing shareholder Scottish and Southern Energy (SSE) Venture Capital.
The company intends to use the capital to commercialize Oyster, its wave power technology which has been designed to capture energy found in nearshore waves and convert it into clean sustainable electricity.
The investment in Aquamarine Power was made by ABB Group’s technology investment arm, ABB Technology Ventures to allow ABB, a Swiss-Swedish multinational corporation headquartered in Zurich, Switzerland, to gain an advantage in the company’s wave energy technology.
Through the agreement, Aquamarine will be able to access ABB’s technical, research and engineering expertise and use their global supply chain network.
ABB specializes in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact.