Aquamarine Power develops the Oyster technology, a nearshore wave-energy device that captures energy from waves and converts it into electricity. The company is using new funding to continue development of Oyster and advance commercialization plans. It operates a 2.4MW Oyster array at the European Marine Energy Centre (EMEC) in Orkney. Management aims to reach commercialization by 2014, supported by investor commitments. The company is led by CEO Martin McAdam and is based in Edinburgh, Scotland. Recent financing activity includes both equity-style funding and a prior loan to support project completion. Aquamarine Power develops the Oyster wave power technology to capture energy in nearshore waves and convert it into clean, sustainable electricity. The company is based in Edinburgh, UK. It intends to use the new capital to commercialize Oyster. Aquamarine received an £11m equity financing to support that commercialization. The financing includes strategic participation from ABB Technology Ventures and existing shareholder Scottish and Southern Energy (SSE) Venture Capital. Through the ABB agreement Aquamarine will access ABB’s technical, research and engineering expertise and its global supply chain network.

Total raised

$28M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2011