Wave energy developer Aquamarine Power (“Aquamarine”) has today (1 February 2010) named Richard Round as its Chief Finance Officer. Round brings to Aquamarine over 30 years of financial and operational experience in a range of quoted and private companies in the renewable, oil and gas, coal and mining sectors.
Round, 51, joins Aquamarine from Novera Energy PLC, one of the UK’s leading renewable energy generators, recently acquired by Infinis Energy.
A highly experienced CFO, Round has a proven track record in raising finance and operating in developing international markets.
Round’s previous roles include Finance Director of AIM-listed Cambrian Mining PLC and Anglo Asian Mining PLC, where he currently continues to sit on the board as a Non-Executive Director and Chairman of the Audit Committee. He also spent a number of years with Aberdeen-based oilfield logistics group Consolidated Supply Management and the Scottish Resources Group. In these roles he had extensive international experience with responsibilities for operations in the USA, Canada, Australia, the former Soviet Union and Latin America. A Fellow of the Chartered Association of Certified Accountants, Round began his career with British Coal in 1977.
Round will take up his new post at Aquamarine in March 2010.
Martin McAdam, Chief Executive Officer of Aquamarine Power, said:
“This is a key appointment for Aquamarine and it is great news that Richard, with his wealth of financial expertise combined with his knowledge of the energy sector, has agreed to join the team. He will be a huge asset to Aquamarine and will be invaluable as we drive the business forward. In particular, Richard will play a vital role in raising the funding we need to commercialise our Oyster technology.”
Richard Round commented:
“Aquamarine has enjoyed great success over the past 18 months and is geared for even greater success over the coming years. I am delighted to be joining a company with such passion for innovation and excellence and am looking forward to being a part of such an important and exciting new industry.”
Aquamarine is the owner and developer of the Oyster wave energy converter. The first full-scale 315kW Oyster was officially launched by Scotland’s First Minister Alex Salmond MP, MSP at the European Marine Energy Centre (EMEC) in Orkney in November last year, when it began producing power to the National Grid for the first time.
Aquamarine is now developing the next-generation Oyster 2 device which will consist of a 2.5MW ‘pod’ of three linked wave energy devices powering a single onshore hydro-electric generator. A commercial farm of 20 Oyster devices will provide enough energy to power 9,000 three bedroom family homes and offset carbon emissions of up to 20,000 tonnes. Aquamarine Power plans to deploy its first commercial Oyster devices by 2013.