The Sigma Sustainable Energy Fund (“SSEF”), a fund managed by Sigma Technology Management Ltd, has just completed its first transaction with £500,000 being invested in Ocean Power Delivery Limited ("OPD").
OPD is a Scottish offshore wave energy company set up in January 1998 to develop their Pelamis wave energy converter technology. The company received significant media interest recently when it secured the world's first order for a wave farm and began shipping equipment to Portugal in March. Revenue for the last financial year was £4.8 million and existing investors include Norsk Hydro Technology Ventures, 3i, Sustainable Asset Management and the Carbon Trust. General Electric announced last week that it had also taken a stake in OPD.