Investment in Aquamarine Powe

RNS Number : 6812W

Scottish & Southern Energy PLC

24 November 2010

 



SCOTTISH AND SOUTHERN ENERGY PLC

INVESTMENT IN AQUAMARINE POWER

SSE (Scottish and Southern Energy plc) has agreed to invest a further £2.7m in the wave energy developer Aquamarine Power, taking its total investment in the company over the last three years to £19.8m and giving it a 45% stake.

ABB Technology Ventures, the technology investment arm of ABB Group, the power and automation technology company, has also decided to invest £8.0m in Aquamarine Power.

Aquamarine Power is currently developing an innovative hydro electric wave energy converter, Oyster 2, which is expected to be deployed next year.  Its existing 300kW Oyster device has been undergoing sea trials at the European Marine Energy Centre in Orkney.

Ian Marchant, Chief Executive of SSE, said:

"Wave energy can play a very important part in meeting our electricity needs over the long term.  Aquamarine Power is playing a pivotal role in the development of the technology, and this latest investment by SSE is confirmation of our belief in the potential of wave energy and in the ability of Aquamarine to help fulfil it."

 

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