Sigma, the specialist asset management and advisory group, is delighted to announce that two of its portfolio companies have been identified as amongst six of the most promising technology companies in the marine energy sector by the Carbon Trust. Aquamarine Power and Pelamis Wave Power have been selected by the Carbon Trust, which was set up by the UK Government as an independent, not-for-profit company to lead the low carbon technology drive, to receive a combined total of £9.9m from the Marine Renewables Proving Fund (“MRPF”), a £22m fund set up by the UK Government Department of Energy and Climate Change and managed by the Carbon Trust.
Marine energy has been identified as an important growth industry in the UK and the MRPF has been set up in order to assist the most promising technologies. Following a rigorous assessment process, Aquamarine Power, which has developed an innovative hydro-electric wave energy converter, will receive £5.1m and Pelamis Wave Power, which has developed the first commercial scale machine to convert wave energy into electricity, will receive £4.8m to support the ongoing commercialisation and early deployment of their technologies.
Commenting on the investment, Mark Hogarth, Investment Director of Sigma, said:
“We are delighted that our two portfolio companies, Aquamarine Power and Pelamis Wave Power, have achieved this funding. The investment comes after a demanding assessment and being selected as two of only six marine energy companies to receive funding demonstrates not only the real innovation of their technologies but also the exciting growth opportunities in their market.”
Enquiries:
Sigma Capital Group plc
Graham Barnet, Chief Executive
T: 0131 220 9444
Biddicks
Katie Tzouliadis/ Sophie Lane
T: 020 7448 1000
Arbuthnot Securities
Tom Griffiths/ Neil Kirton
T: 020 7012 2000