Albatern, a wave energy company based in Scotland, has been supported with a GBP 400,000 investment from the Government’s Renewable Energy Investment Fund (REIF), administered by Scottish Enterprise.
The funding will enable the company to complete verification of existing units and position it to commercialise and scale up their array based WEC – WaveNET, Scottish Enterprise said.
Andrew Smith, head of REIF said: “Projects such as this clearly demonstrate how the marine energy sector continues to offer potential for Scotland’s economy. Albatern is taking an innovative approach both in terms of technology and commercialisation, and this funding will further support its ambitious plans for the future.
“REIF is designed to promote the use of energy from specific renewables sources, and drive further investment into key areas of Scotland’s renewables industry, and this latest investment shows how it is doing just that.”
WaveNET is an offshore array-based wave energy converter that uses the motion of waves to generate electricity. The floating structure of the WaveNET is flexible in all directions, and capable of capturing power from the ocean regardless of wave direction and array orientation.
Image: Albatern