The design and intellectual property created as part of the Neptune project will continue to be part of the Company’s product pipeline but will not undergo further development. Aquamarine will continue to develop tidal sites on a technology ‘neutral’ basis with utility partners.

This approach will enable the Company to accelerate its timetable for commercialisation of Oyster. Aquamarine already has contracts in place with Fugro Seacore to commence its installation at the European Marine Energy Centre in the summer and with Airtricity, the renewable energy division of Scottish and Southern Energy to develop sites capable of hosting 1000MW of marine energy by 2020.

The Oyster device consists of an oscillator fitted with pistons and fixed to the nearshore sea bed. Each passing wave activates the oscillator, pumping high pressure water through a sub-sea pipeline to the shore. Onshore, conventional hydroelectric generators convert this high-pressure water into electrical power.