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Aquamarine Power raises £11m

Wave energy developer Aquamarine Power has raised £11 million, taking its Oyster wave device one step closer to commercialisation.

The funding comprises £8m from ABB and £3m from the wave power company’s existing shareholders, which include SSE Venture Capital, the ventures unit of Scottish and Southern Energy.

“This is a game-changing moment for our company and for the UK’s marine energy industry,” says Aquamarine Power CEO Martin McAdam.

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Policy, investment and markets  •  Wave and tidal energy