Alstom invests in wave energy player AWS Ocean
Ann Elise Taylor
22nd June 2011
Leading power generation and transmission company Alstom has announced its pioneer voyage into the wave energy sector by buying a stake in Scotland’s AWS Ocean Energy Ltd.
Alstom will acquire a 40 per cent equity stake in
AWS Ocean Energy through the deal. According to
AWS Ocean Energy, the
investment will ease the company’s expansion and
development of its
AWS-III wave power technology.
"Alstom’s investment is a significant boost for AWS Ocean Energy and Scotland’s wave energy sector as a whole," Simon Grey, AWS Ocean Energy’s chief executive, said. "With Alstom as a major backer, AWS Ocean Energy has a delivery capability, which our utility customers will need in order to realise their major wave energy projects in Scotland and elsewhere."
Green energy investment
Alstom joins previous investors Shell Technology Ventures Fund 1, Scottish Enterprise/Scottish Investment Bank and the Scottish Government in nurturing the development of AWS-III, a floating, offshore wave energy generator. According to AWS Ocean, the device will be capable of generating up to 2.5 megawatts (MW) of power, providing an affordable source of wave energy to customers.
Alstom’s most recent investment will allow the wave energy company to add new engineers onto its current team of 14 employees. Additionally, it will lead to the development of a full-scale prototype demonstrator of the AWS-III.
We are extremely excited about entering the wave energy market at this pivotal time," Philippe Cochet, Alstom’s senior vp of Hydro and Wind said. "Having reviewed many different technologies, and undertaken further detailed analysis with the most promising, we are absolutely confident that AWS-III is a technology that perfectly complements our existing ocean activities: tidal energy and offshore wind, while further reinforcing Alstom’s position as a leading supplier of clean energy solutions."
Alstom has been a part of multiple projects supporting a low carbon economy in the past, including Aster Capital, Severn Tidal Power Group and The Power Academy in Warwickshire. Additionally, Alstom is one of a number of businesses calling for the European Union to aim for higher greenhouse emissions reduction targets.
Like this story? Please subscribe to our free weekly e-newsletter at the top of the page for more content like this.
Related content:
Related links:
