The investment will enable AWS Ocean to take forward its plans to develop and deploy its wave power technology, as well as to design associated technologies, such as mooring systems, for wider use in the wave and tidal energy sectors.

AWS Ocean’s system, known as the AWS-III, is designed based on offshore testing and detailed modelling of the AWS technology. The improved system will have a generating capacity of 2.4-4 MW.

AWS Ocean Energy is presently undertaking component and sub-system testing and qualification and is aiming to deploy a full wave power system prototype AWS-III during 2011. Deployment of a pre-commercial demonstrator plant is expected in 2013.

Simon Grey, CEO of AWS Ocean, says: “Delivering the complete solution will take time. We are already in discussions with partners to ensure that AWS-III is available as a demonstrated commercial product by 2014. Industrial multinationals will be prepared to fund ‘big ticket’ demonstration projects providing that the technology is proven first and so our focus is to do just that: delivering proven technology that actually works.”