Alstom Acquires 40 pct Equity Stake in AWS Ocean Energy (UK)

Power major Alstom has acquired a 40 per cent equity stake in Inverness-based wave energy company AWS Ocean Energy in its first investment in the marine energy sector. Financial details were not disclosed.

AWS said the investment will give it the financial strength to expand its operations and accelerate the development of its third-generation wave power technology.

Scotland’s First Minister Alex Salmond said, ‘This is a hugely significant investment announcement that brings together a pioneering Scottish marine energy developer with one of the world’s leading power generation and transmission companies, which is entering the wave energy market for the first time.

‘It is a strong vote of confidence in the innovation and engineering capabilities of AWS and their partners and underlines the growing strength of Scotland’s renewables industry as we look to harness our unrivalled wave, tidal and wind sources.’

Alstom joins the Shell Technology Ventures Fund 1 and Scottish Investment Bank as a shareholder in the company.

AWS Ocean Energy’s CEO Simon Grey said, ‘With Alstom as a major backer, AWS Ocean Energy has a delivery capability which our utility customers will need in order to realise their major wave energy projects in Scotland and elsewhere.

‘Alstom’s investment provides us with the stability we need in order to attract top talent to work for us and so today we are launching a recruitment campaign to expand our engineering team at Inverness.’

AWS Ocean Energy secured £1.39m in funding through the Scottish government’s WATERS initiative last year, following investments from Shell and Scottish Enterprise.

(newenergyworldnetwork)

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Source: newenergyworldnetwork, June 21, 2011; Image: AWS Ocean Energy