Aquamarine Power claims that this new 800kW device will deliver 250% more power than the original Oyster 1 with only a 50% increase in footprint. Oyster 1 has been undergoing sea trials at the European Marine Energy Centre (EMEC) in Orkney since November of last year and is connected to the national grid.
The company will begin deployment of Oyster 2, which consists of three flaps linked to a single onshore 2.4MW hydro-electric turbine, at EMEC in Summer 2011. The proceeds of the fundraising will be used to fund the procurement program and provide general working capital.
Earlier this year, Aquamarine Power secured an award from Carbon Trust’s Marine Renewables Proving Fund to support the manufacture of Oyster 2.
Martin McAdam, CEO of Aquamarine Power, said: “The additional fundraising enables us to progress to the next phase – the manufacture and installation of Oyster 2.
“As an emerging industry, marine energy has a substantial funding requirement and the financial support of investors and the UK and Scottish governments is paramount to its success.”
