The company has closed a funding round of £7M comprising £3M each from major shareholders SSE Venture Capital, the ventures unit of SSE (Scottish and Southern Energy), and ABB, the multinational power and automation company, together with a further £1M from Scottish Enterprise, the Scottish Government’s enterprise agency, via the Scottish Investment Bank.

In addition, the shareholders are working together to develop a further funding package of £18M to take the company to commercialisation in 2014.

Today’s announcement was made by Scotland’s First Minister Alex Salmond MSP during his opening address at the Scottish Low Carbon Investment Conference, held in Edinburgh, and follows the announcement earlier this month of a £3.4M loan from Barclays to Aquamarine Power to part-finance the completion of a 2.4MW Oyster array, located at the European Marine Energy Centre (EMEC), Orkney – the first deal of its kind in the sector.