Scottish wave power attracts investment
22 June 2011
First Minister welcomes Alstom investment in Inverness-based AWS Ocean Energy.
A major investment in Scotland's thriving marine energy sector has been welcomed by First Minister Alex Salmond.
Alstom, the French-based global power and transport company, has secured a 40 percent stake in AWS Ocean Energy Ltd, the Inverness-based business behind the AWS-III wave power device.
Meeting with senior representatives of both companies, Mr 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.
"I’m very pleased that the Scottish Government’s enterprise agencies have been able to support AWS as it has developed its technology and business. It is clear that in the global race to harness energy from our seas and oceans, Scotland rules the waves."
AWS had benefited from Scottish Enterprise funding with a £1.4 million grant under the WATERS wave and tidal energy scheme supporting the testing of the AWS-III device.
The Scottish Investment Bank's Co-Investment Fund also provided support as part of £2 million joint investment with Shell Technology Ventures.
Simon Grey, chief executive of AWS Ocean Energy, said:
"Alstom’s investment is a significant boost for AWS Ocean Energy and Scotland’s wave energy sector as a whole. Alstom’s decision to invest in our company, as well as the support of the Scottish Government, are strong endorsements of what we have achieved so far, and a major source of motivation to accelerate the commercial development of our technology.
"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."
Alstom's Phillipe Cochet added:
"We are extremely excited about entering the wave energy market at this pivotal time. Our engagement with AWS today forms an important part of the strategic development of our recently created business activity, Alstom Ocean."
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