UK: Pelamis in Discussions on Partnership

Wave energy’s great potential to surge in the UK’s and Scottish energy mix gave Pelamis Wave Power Ltd. a push to discuss partnership with a number of companies in order to expand its business.

Founder and director of the wave energy developer, Richard Yemm, told Bloomberg that the company is preparing for boost in orders with this move and that it is on its way towards reaching an agreement.

Regarding the structure of partnership, Pelamis is open for any kind, as long as it brings the necessary resources. This could be made either through an investment or an acquisition.

Mr. Yemm said:“When we reach the stage of the big array orders — considering that even a 10-megawatt array is 60 to 70 million pounds ($96 million to $113 million) — the company needs to have a decent balance sheet behind it.”

[mappress]

Offshore WIND Staff, November 2, 2012; Image: pelamiswave