Scotland-based wave energy developer Pelamis Wave Power announced it has completed a 5 million pound (US$7.7 million) funding round to support its ongoing investment in wave energy research and development.
Pelamis, which recently completed the 2.25-MW Agucadoura wave farm off the northern coast of Portugal, said the additional finance will enable it to accelerate construction of the next generation of wave energy converters. (HNN 9/24/08)
The developer said November 4 the fundraising was supported by a number of existing shareholders including Emerald Technology Ventures, Statoilhydro Venture, BlackRock, Atmos, and SPG Sustainable Performance Group.
The fundraising also included a 2 million pound (US$3 million) investment from Scottish Enterprise’s Scottish Venture Fund, in which Scotland’s government invests with private sector partners in innovative Scottish companies.
Pelamis technology utilizes steel “sea-snakes” that are moored to the seabed to harness wave action for power generation.