Message #163 From:
FastFun Date: October 1, 2007 01:46:44 PM
Aquamarine joins up with Scottish and Southern
Filed from Aberdeen 10/1/2007 3:17:25 PM GMT
UK: Wave energy company Aquamarine Power has joined forces with Scottish and Southern Energy's (SSE) subsidiary, Renewable Technology Ventures Ltd (RTVL), to form one of the leading companies in the marine energy field.
To be known as Aquamarine Power Ltd, the new company plans to be the first in the world to deploy both wave and tidal devices on a commercial scale. Aquamarine Power Ltd will continue work on the Oyster hydroelectric wave power device, and will also deliver a new tidal device.
Chief Executive of SSE Ian Marchant said, "We believe this is the first consolidation in the marine energy field and it's a clear sign that the industry is maturing. The team at Aquamarine Power is inventive and entrepreneurial, yet has significant experience in the marine energy field.
"This is a great fit with what we are doing and is another contribution we can make to tackling climate change, which is one of the most serious issues facing our planet. It will also strengthen Scotland's position as a leader in this field."
Aquamarine Power was established in 2005 by Allan Thomson, the most experienced wave power developer in the country, who developed the world's first commercial wave energy plant on Islay.
The company has been working with partners, including the wave power research team at Queen's University Belfast, headed by Professor Trevor Whitaker, to develop the Oyster device, which is scheduled for full scale testing at the European Marine Energy Centre (EMEC) in Orkney within the next six months. A year later, they aim to deploy the first Oyster Hydro-Electric Wave Farm for demonstration and testing.
Oyster captures wave energy and transmits it as high pressure water, which is pumped into onshore hydroelectric power conversion plant.
RTVL has been developing a underwater tidal turbine demonstrator, and the new company will finalise the design and plan to install a 2.4 MW demonstrator at the EMEC tidal test site, Orkney, in 2009.
The Aquamarine Power management team will run the new company with support from SSE, and will identify and develop commercial sites for both technologies across the globe in the coming years.
Allan Thomson, who will stay on as a non-executive director of the new company, said he believed the combination of the two companies was good news, saying, "We have a world class partnership - unrivalled expertise in marine energy combined with the finest engineering skills and the track record of a successful FTSE 100 company. With this combination we believe we can surge ahead in marine energy technology."
Dr. Siān McGrath, Aquamarine's business development manager, stated that the new company will be owned 50 percent by SSE and 50 percent by the existing Aquamarine Power shareholders and the recently launched Sigma Sustainable Energy Fund II.
The company will be based in Edinburgh. The Oyster device is currently being manufactured by Isleburn at their Nigg facility in Easter Ross from where it will be towed to Orkney in the coming months for sea testing at EMEC.
