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AQUAMARINE POWER
Green Energy out of The Blue
LATEST NEWS
FURTHER £6M FUNDING FOR AQUAMARINE POWER
21 Jun 2010
FURTHER £6M FUNDING FOR AQUAMARINE POWER
21 Jun 2010
Aquamarine Power's Oyster wave energy converter in operation
Wave energy developer Aquamarine Power announces that it has successfully raised an additional £6 million of funding.
This follows the recent unveiling of the design of its Oyster 2 device which will be built in Scotland later this year. This new, next generation 800kW device will deliver 250 per cent more power than the original Oyster 1 with only a 50 per cent increase in footprint. Oyster 1 has been successfully undergoing sea trials at the European Marine Energy Centre (EMEC) in Orkney since November of last year and is connected to the National Grid.
The company will begin deployment of Oyster 2, which consists of three flaps linked to a single onshore 2.4 MW hydro-electric turbine at EMEC in Summer 2011.
The proceeds of the fundraising will be used to fund the procurement programme and provide general working capital.
Earlier this year Aquamarine Power secured an award from the Carbon Trust’s Marine Renewables Proving Fund (MRPF) to support the manufacture of Oyster 2.
In partnership with SSE Renewables, the company has already been successful in the Crown Estate leasing round, securing exclusive rights to develop the 200MW Brough Head wave farm which could provide enough energy to power around 190,000 homes. This joint venture is the first site development within the agreement with SSE Renewables to jointly develop up to 1,000MW of marine energy sites by 2020 using Oyster technology.
Martin McAdam, Chief Executive Officer of Aquamarine Power, commented:
“Aquamarine Power has made substantial progress over the last 12 months. Our current Oyster device has performed well during sea trials surviving the harshest winter seas off the coast of Orkney and the data we have gathered from it has enabled us to design a much more powerful Oyster 2.
“The additional fundraising enables us to progress to the next phase – the manufacture and installation of Oyster 2 and we will announce the award of these contracts shortly.
“As an emerging industry, marine energy has a substantial funding requirement and the financial support of investors and the UK and Scottish Governments is paramount to its success.
“Once again I would like to thank all of our investors, which include Scottish and Southern Energy, Scottish Enterprise, our Norwegian investors and Sigma Capital Group plc for their support, as we surge forward with the development of the technology and the company.”
For further information, contact:
Buchanan Communications
Diane Stewart 0131 226 6150
Carrie Clement 0131 226 4427
Diane Stewart 0131 226 6150
Carrie Clement 0131 226 4427
Ends
Notes to Editors:
• The key strength of Oyster is the simplicity of its design. The Oyster system consists of a hinged flap connected to the seabed, there are minimal moving parts and all electrical components are onshore, making it robust enough to withstand the rigours of Scotland’s harsh seas.
• Designed for deployment near shore in depths of around 10 to 12 metres; which means it is easy to access and will also capture power efficiently in the smallest of seas. Each passing wave moves the flap which drives a hydraulic piston to deliver high pressure water to an onshore turbine which generates electricity.
• Aquamarine Power’s senior management team includes Chief Executive Officer, Martin McAdam, who founded renewable energy provider Airtricity’s US operations, which was subsequently sold to E.On for $1.2bn in 2007, Chief Operating Officer Matthias Haag, former General Manager at Shell WindEnergy and newly appointed Chief Finance Officer Richard Round, previously of Novera Energy PLC. The company was founded in 2005 by leading wave energy developer and Aquamarine Power director Allan Thomson.
• Aquamarine Power’s specialist technical advisors include wave energy pioneers Professor Trevor Whittaker, head of the award-winning wave power research group at Queen’s University, Belfast, and Professor Stephen Salter, creator of the ‘Salter Duck’.
• Aquamarine Power has won numerous national and international awards for innovation in the renewable energy sector including the Company Pioneer Award 2010 (EnergyOcean International) and the British Renewable Energy Award for best renewable energy product 2010 (Renewable Energy Association).
• Oyster is a registered trade mark of Aquamarine Power.
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TECHNICAL PAPERS
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TECHNICAL PAPERS
This paper proposes an alternative measure for determining the productivity of a wave farm to counter earlier studies which have indicated that the gross nearshore wave energy resource is significantly smaller than the gross offshore wave energy resource.
This paper discusses and develops an appropriate measure of the wave energy resource and then applies this to the wave energy resource at the “deep water” and “nearshore” test berths at the wave test centre of EMEC (European Marine Energy Centre).
The potential for an autonomous wave-powered desalination system is considered and it is identified that the most promising configuration is a reverse osmosis (RO) plant utilising a pressure exchanger-intensifier for energy recovery.
This paper charts the evolution of Oyster presenting some of the research that has led to the current design. An outline of the impending sea trials of a prototype demonstration unit is given along with the projected outcomes.
This paper charts the construction of Oyster presenting some of the challenges which have led to the current design. An outline of the impending testing and sea trials of a prototype demonstration unit is given along with the projected outcomes.
The effect of water depth on the performance of a small surging wave energy converter (WEC) is investigated analytically, numerically and experimentally.
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