The funding comes from Aquamarine’s three largest shareholders. Utility Scottish and Southern Energy (SSE) and power technology group ABB are each putting in £3m, with quasi-governmental body Scottish Enterprise contributing another £1m.
The trio will work together to tie-up the additional £18m finance package as Aquamarine heads towards commercialisation in 2014, says the company.
Coming on top of the £3.4m loan Aquamarine pinned down from Barclays only a few weeks ago – the first deal of its kind for the fledgling wave sector – the fresh injection of funding represents a huge vote of confidence in the Oyster at a time of deep economic uncertainty.
It
