The announcement was made as Scotland’s First Minister Alex Salmond MSP officially opened the company’s new premises in Elder Street, Edinburgh. The remainder of the new funding comes from Aquamarine Power’s existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.
“This is a game-changing moment for our company and for the UK’s marine energy industry,” says Aquamarine Power CEO Martin McAdam. “ABB is a global leader in power and automation technologies and they have taken a strategic decision to invest in Oyster technology. Through working together ABB will gain an early-mover advantage in our wave energy technology, whilst we will be able to access ABB’s technical, research and engineering expertise and utilise their global supply chain network.
“We would also like to thank our existing investors who remain exceptionally supportive of our business strategy.”
The investment in Aquamarine Power was made by ABB Group’s technology investment arm, ABB Technology Ventures.
