The Clean Tech Start-up Index - Aquamarine Power Limited

Aquamarine Power Limited is the second company from Greenbang’s Clean Tech Start-up Index.

You can read all about them here, in our daily dose from the report.

• Chief Executive Officer: Martin McAdam

• Founding date: 2007

• Number of employees: 15

• Turnover: n/a

• Website: www.aquamarinepower.com

Aquamarine Power is one of a number of companies making waves in the world of renewable energy. Marine power is more predictable and constant than wind. Research by Southampton University’s Sustainable Energy Research group reveals that marine energy could supply 10 percent of the UK’s current electricity needs, while others say it could be as much as 20 percent.

Aquamarine is currently gearing up to test its first full-scale wave energy device called Oyster. It’s an oscillating wave surge converter – think of it as a water pump powered by waves passing over it. The water is pumped to a hydroelectric plant onshore, which is designed to generate 300 to 600kw of power from each unit installed in shallower shoreline waters, to be fed back into the grid. As the system pumps water to shore, it can also be used to directly produce fresh water by reverse osmosis.

Aquamarine is also developing a tidal device, Neptune, which sources energy from tidal flow. Using technology inspired by wind turbines, the system can generate 2.4 MW of energy, the company claims, and is designed to be competitive with other forms of electricity generation on the UK market.

“Our environmental responsibility underpins everything we do. It is the reason the company exists. It drives our code of ethics and we are very serious in policing implementation of our policies and procedures which are designed to protect the environment.” Aquamarine Power

The Greenbang Barometer

Like most companies in this renewable area, technology implementation is still at the prototype stage, with further development required before it becomes commercially viable. A key challenge is convincing investors the science is sound, but here the company can flaunt its use of tried and tested elements and through simplification of design.

Aquamarine is believed to be one of the only companies in the world developing wave and tidal devices simultaneously. Scottish & Southern Energy has now climbed aboard with an initial investment of over £6m so it could be plain sailing from here on in.