10 Million Successfully Raised At First Close Of Fundraising - 21 Sep 2009
Martin McAdam, Chief Executive Officer of Aquamarine Power, commented:
“Raising substantial funds in these exceptionally difficult market conditions is an incredible achievement for Aquamarine.
“It proves that there is considerable investor appetite for renewable energy companies. Aquamarine has a great team in place with the technological and commercial know-how to take Oyster all the way through to the finishing line.
“There will be winners and losers along the way as technologies compete for market share and Oyster has all the right ingredients to be one of the winners – an amazing piece of UK engineering which is one of the best wave devices out there.
“We have a strong shareholder base and our existing investors which include Scottish and Southern Energy and Sigma Capital plc have been extremely supportive of our strategy and the fundraising.”
Highlights
- £10 million first funding round to progress Oyster offshore testing
- Unique near shore Oyster wave energy device already installed at EMEC ahead of grid connection and sea trials
- First fully commissioned commercially available wave farm scheduled for 2014
- Joint venture agreement in place with Airtricity, to develop up to 1GW of marine energy sites by 2020
- Vast untapped wave energy resource with better reliability than solar or wind power
Martin McAdam, Chief Executive Officer of Aquamarine Power, commented:
“Raising substantial funds in these exceptionally difficult market conditions is an incredible achievement for Aquamarine.
“It proves that there is considerable investor appetite for renewable energy companies. Aquamarine has a great team in place with the technological and commercial know-how to take Oyster all the way through to the finishing line.
“There will be winners and losers along the way as technologies compete for market share and Oyster has all the right ingredients to be one of the winners – an amazing piece of UK engineering which is one of the best wave devices out there.
“We have a strong shareholder base and our existing investors which include Scottish and Southern Energy and Sigma Capital plc have been extremely supportive of our strategy and the fundraising.”