Additional funding to the tune of Aus$16 million ($10.6 million) was announced this week (8th October) by the Australian wave energy company Oceanlinx. The investment package has been put to gether by a syndicate of investors made up of Espírito Santo Ventures, New Energy Fund and Emerald Technology Ventures.

The money will be used in the development of the new generation of Oceanlinx technology and to progress the development of its key projects, says the company.

Commenting on the deal Oceanlinx CEO, Stuart Bensley, said: "Oceanlinx is well positioned to take a leading role in the emerging wave energy sector by establishing genuinely commercial power production facilities. We believe that this investment will provide the basis for Oceanlinx to achieve this critical step. We are delighted to have the additional financial commitment from Espírito Santo Ventures and Emerald Technology Ventures and welcome the New Energy Fund (Portugal), a very well respected group in the cleantech and renewable energy industry investment sector, to allow us to aggressively pursue this pathway to commerciality".