Aquamarine Power

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Aquamarine Power Ltd.
Type Private limited company
Industry Renewable energy
Founded 2005 (2005)
Headquarters Edinburgh, Scotland, United Kingdom
Key people Mervyn Jones
(Chairman)
Martin McAdam
(Chief Executive Officer)1
Products Wave power technologies
Website www.aquamarinepower.com

Aquamarine Power is a wave energy company, which was founded in 2005 to commercialise a wave energy device concept known as the Oyster wave energy converter. The company's head offices are based in Edinburgh. The company has further operations in Orkney, Ireland, Northern Ireland and the USA. Its chief executive officer is Martin McAdam, who joined the company in 2008.2 The company is advised by Trevor Whittaker, inventor of the Oyster concept, and Stephen Salter, inventor of the Salter's Duck. 34

History

The Oyster concept originated from studies conducted in 2003 by the wave power research team at Queen's University, Belfast, led by Professor Trevor Whittaker. The Queen's University, Belfast studies were co-funded by the Engineering and Physical Sciences Research Council5 and Allan Thomson, who had previously founded and led the UK’s first commercial wave energy company, Wavegen.6 In 2005, Allan Thomson founded Aquamarine Power to progress the commercialisation of the Oyster device. In 2007 Scottish & Southern Energy subsidiary Renewable Technology Ventures Limited invested in Aquamarine with a further investment in 2010.7 In February 2009, Aquamarine Power and Queen's University, Belfast signed an agreement to extend their R&D partnership to 2014.

In February 2009, Aquamarine Power signed an agreement with renewable energy company Airtricity, a subsidiary of Scottish & Southern Energy, to develop marine energy sites using the Oyster system.8 In November 2009, the first full-scale, 315 kW,9 demonstrator Oyster began producing power when it was launched at the European Marine Energy Centre.10 (EMEC) on Orkney.11 In March 2012, Aquamarine announced it has plans to install 50 Oyster devices on the seabed off of the Western Isles in Scotland. The project is believed to be able to supply electricity to more than 38,000 homes.12

Investors

In November 2009 Aquamarine Power announced an investment of £11m in the business. The principal investor during this investment round was ABB Group who invested £8m. The other investors during the round included Scottish and Southern Energy who invested £2.7m with other historical investors making up the balance of £300k.1314 The investors in the business include: ABB, SSE,15 Sigma Capital Group,16 Scottish Enterprise17 and others.

Awards

Aquamarine Power has won several awards. In 2008 it was named Emerging Technology Promoter of the Year by Ernst & Young Euromoney Global Renewable Energy Awards.18 In 2009, it was named Innovator of the Year by the British Renewable Energy Association.19 It also got Innovation Award for Energy of the Engineer Technology and Innovation Awards 200920 and Scottish Green Awards for the Best Green Industry SME.21 In 2010 it was listed on GlobalCleantech 100 list.22

See also

References

  1. ^ "About us: The team". Aquamarine Power. Retrieved 30 May 2012. 
  2. ^ http://www.business7.co.uk/business-news/latest-business-news/2008/08/22/mcadam-joins-aquamarine-power-97298-20706694/
  3. ^ http://www.aquamarinepower.com/about-us/team-and-board/the-board/
  4. ^ http://www.aquamarinepower.com/news-and-events/news/latest-news/view/72/appointment-of-specialist-advisor-professor-stephen-salter/
  5. ^ http://www.epsrc.ac.uk/CMSWeb/Downloads/Publications/Pioneer/PioneerIssue2.pdf
  6. ^ http://www.wavegen.co.uk/news_archives_pressrelease.htm
  7. ^ http://www.sse.com/PressReleases2010/InvestmentInAquamarinePower/
  8. ^ Hurst, Greg. "Aquamarine Power signs agreement with Airtricity". The Times (London). 
  9. ^ http://www.aquamarinepower.com
  10. ^ http://www.emec.org.uk/wave_energy_developers.asp
  11. ^ http://www.orkney.gov.uk/nqcontent.cfm?a_id=15061&tt=orkneyv2
  12. ^ "Displays of Edinburgh firm's wave power plan for Lewis". BBC News. 3 March 2012. Retrieved 5 March 2012. 
  13. ^ http://www.theedinburghreporter.co.uk/tag/sse-venture-capital/
  14. ^ "ABB Group invests £11m". dead link
  15. ^ http://cleantech.com/news/5036/aquamarine-power-deploys-wave-energ
  16. ^ http://www.businessgreen.com/bg/news/1807219/aquamarine-power-waves-hello-gbp6m-investment
  17. ^ http://www.scottish-enterprise.presscentre.com/Case-studies/Aquamarine-Power-Ltd-equity-investment-helps-this-company-to-develop-a-world-first-in-renewable-energy-217.aspx
  18. ^ http://www.ey.com/Publication/vwLUAssets/Industry_Utilities_Renewable_energy_country_attractiveness_indices_Q3_2008/$File/Renewable_Energy_Country_Attractiveness_Indices_Q3_2008.pdf
  19. ^ http://www.r-e-a.net/events/awards/innovator
  20. ^ http://www.theengineerawards.co.uk/Winners.aspx
  21. ^ http://www.quaydigitalscotland.co.uk/sites/events/green-awards/2009finalists.html
  22. ^ http://cleantech.com/GlobalCleantech100.cfm

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