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Home News-archive General Swedes buy into Irish ocean energy developer
| Swedes buy into Irish ocean energy developer |
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| Written by Administrator | |||
| Wednesday, 14 January 2009 17:49 | |||
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Swedish company Vattenfall has paid €500,000 for a controlling stake in the Irish ocean energy site development company Pandion Ltd, it was announced today (14th January). As part of the agreement the Irish marine energy developer Wavebob has taken the remaining 49%. The agreement also allows for further partners to join the project in the future. According to the state-owned company, the investment in Pandion is a first step towards a leading position on the emerging ocean energy market, in line with its planned investments in sustainable energy solutions. "Ocean energy has large potential to contribute to the implementation of Vattenfall’s climate vision to be climate neutral by 2050. It is important for us to reach our growth targets, which are based on renewables, nuclear power and coal with CCS technology," says Lars G Josefsson, President and CEO of Vattenfall. Helmar Rendez, senior vice president Vattenfall AB, explains: "Ireland’s exceptional wave climate, extensive support schemes, strong political support and appointed areas for exploitation of ocean energy makes establishment there favourable. Quick consent processes are foreseen and Vattenfall has an interest to stimulate the development of the market as well as the technical development. We will remain independent from technology suppliers, and Pandion is technology neutral. The technologies must be further developed and optimised, and the power system concepts need to be integrated, before the technology can be commercially introduced. Establishment of sites with a potential to grow to commercial sites is important for us to support such a development."
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