Aquamarine's new strategy to focus on wave energy

Following a strategic review of its business, Scotland-based Aquamarine Power has decided to abandon development of its tidal stream device, Neptune, to focus on commercialisation of its Oyster® Wave Energy Converter.

The company plans to keep the Neptune technology in its product pipeline, and will continue developing tidal sites on a “technology-neutral” basis with utility partners.

Aquamarine says the change in strategy will help it speed up its timetable for commercialisation of Oyster®.  The company already has a contract in place with Fugro Seacore to begin installing the wave converters at the European Marine Energy Centre this summer. It’s also working with Airtricity to develop sites that could generate up to 1,000 megawatts of marine energy by 2020.

“Aquamarine’s mission is ‘Making Renewable Energy Mainstream’ and we believe that Oyster® with its ingenious yet simple design has the ability to achieve this,” said Martin McAdam, Chief Executive of Aquamarine. “We have developed a clear path for the business, engineering, commercial and site development activities which will ensure the success of Oyster® and enable us to deliver a profitable system to our customers.”

He added, “At this stage in our development it makes sense to focus on what will deliver the best commercial device and the best shareholder value.”