Scottish-based renewable company receives £5 million funding
A Scottish-based company which is pioneering the commercial use of wave power to generate electricity has received an extra £5 million in funding, allowing it to accelerate the development of its products.
Wavegen has already developed the first commercial scale demonstration wave plant, which is currently generating power under a 15 year power purchase contract with Scottish and Southern Energy and Scottish Power on the island of Islay. The technology works through the use of a rising and falling water column which forces air in and out of through its housing via a turbine.
“We are pleased that government and capital markets now understand the important role this vast untapped resource will play in the future energy supply mix,” said Allan Thomson, Managing Director of Wavegen.
The company works in conjunction with industry and academic partners, and intends to use the new money to enable it to move forward rapidly to full commercialisation. The money was acquired in conjunction with financial management company, Ernst and Young, and includes further money from existing backers.
“Renewable energy is coming of age,” said Jonathan Johns, Ernst & Young’s renewable energy partner. “With Wavegen’s management team we’ve succeeded in creating a funding package which will uniquely strengthen the company’s position in this rapidly growing market.”
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