The new finance will be used to expand the business and accelerate development and roll-out of the next generation machine.

The consortium, led by SAM Private Equity, includes Hydro Technology Ventures, The Carbon Trust, 3i, GE, Atmos, New Energies Invest, Partnerships UK, Impax Environmental Markets plc, Merrill Lynch Investment Managers, Sigma Technology Group, Sustainable Performance Group, Tudor Group, Vantania Holdings Limited and Commons Capital. Gianni Operto, director and principal of SAM Private Equity, said: “The offshore wave energy sector offers significant potential to investors and OPD is clearly the market leader.”

In May 2005 OPD signed an order with a Portuguese consortium, led by Enersis, to deliver the initial phase of the world’s first commercial wave-farm. OPD recently delivered the first three production machines to Portugal, where they will be installed following final assembly and commissioning.