Pelamis secures £5m funding round

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Pelamis secures £5m funding round

Written by Administrator

Thursday, 06 November 2008 15:24

The successful completion of a £5m funding round has been announced on Tuesday (4th November) by Pelamis Wave Power Limited. The fundraising was supported by a number of existing shareholders including Emerald Technology Ventures, Statoilhydro Venture, BlackRock, Atmos and SPG Sustainable Performance Group. The fundraising also included a £2m investment from Scottish Enterprise's Scottish Venture Fund (SVF) a co-investment fund where Scottish Enterprise invests alongside private sector partners in innovative Scottish companies.

Commenting on the deal, Jack Perry, chief executive of Scottish Enterprise, said: "The market for offshore wave energy is still in the very early stages, but we know there is huge market potential for cleaner, more efficient power. As a nation, Scotland is strongly positioned to lead this market, thanks to our abundance of natural energy resources. We believe there is huge opportunity for companies such as Pelamis Wave Power to expand
and grow in Scotland."

The fundraising will underpin PWP's ongoing investment in core R&D and continuing development of its manufacturing processes and facilities. The additional finance will enable it to accelerate the build of the first of its next generation of wave energy converters, which will begin in PWP's new Leith premises.

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