AWS Ocean Energy Ltd, the Scottish wave energy company, has secured a major investment from French power giant Alstom.
AWS said that Alstom has acquired a 40 per cent equity stake in the company, giving it the financial capability to accelerate the development of its AWS-III wave power technology.
The investment is Alstom’s first ever in the wave energy sector.
AWS’s flagship product is the multi-MW offshore wave energy generator the AWS-III, a 12ÔÇÉsided floating device which sits on the surface of the ocean. The rising and falling motion of the waves forces air forward and backwards through a number of air turbines installed inside the device, which activate electrical generators to produce electricity.
Commenting, CEO of AWS Simon Grey 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, is an endorsement 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 senior VP of Hydro and Wind Philippe 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.
“Having reviewed many different technologies, and undertaken further detailed analysis with the most promising, we are absolutely confident that AWS-III is a technology that perfectly complements our existing ocean activities: tidal energy and offshore wind, while further reinforcing Alstom’s position as a leading supplier of clean energy solutions.”
AWS is based in Inverness, and currently employs just 14 people.
Headquartered in Levallois-Perret, France, Alstom employs 93,500 people in around 100 countries, and had sales of over €20.9 billion in2010/11.
