New Five Year Research Partnership

Aquamarine Power Limited is pleased to announce that it has agreed a new five year research partnership with the highly acclaimed Wave Power Research Group at Queen's University Belfast.

Aquamarine Power Limited ("Aquamarine" or "Aquamarine Power" or the "Company") is pleased to announce that it has agreed a new five year research partnership (the "Partnership") with the highly acclaimed Wave Power Research Group at Queen's University Belfast ("Queen's").


Under the Partnership Agreement, Aquamarine and Queen's will work together to develop the next generation Oyster® wave power device. The new agreement is a key step for Aquamarine, both in terms of strengthening its fundamental research capacity and ensuring that the Company delivers high performance commercial wave power devices, based on the most rigorous research and testing programmes possible.

The Wave Power Research Group has a strong history of collaboration on the development of Aquamarine's ground-breaking hydro-electric wave power converter, Oyster®. Aquamarine and Queen's work together has already delivered the feasibility studies, tank testing and numerical modelling for the first Oyster® prototype, due to be launched at sea for the first time this summer at EMEC.

Access to World-Leading Testing Facilities

Aquamarine's R&D team will work closely with the Queen's team to model several devices in the state-of-the-art wave power tank at Queen's virtual test centre, which is reputed to be one of the world's leading wave power engineering centres. The team will monitor loading, survivability and how the devices interact with each other to guarantee continuous power output in all sea states.

The Partnership will also provide Aquamarine with access to a second, larger wave tank due to open at the Queen's Portaferry facility later this year. The Portaferry facility will allow the team to test the effects of multi-directional waves, realistically simulating the full range of sea conditions which the devices will experience once deployed in a multi-MW, utility scale wave farm.

Working with Ground-Breaking Academic Team

The Centre is now recruiting research and technical staff to support the Partnership. Professor Trevor Whittaker, Head of the Wave Power Research Centre and a world-renowned expert on wave power and coastal engineering, will continue to supervise PhD students sponsored by Aquamarine and the UK's Engineering and Physical Sciences Research Council. Queen's latest PhD graduate has recently joined Aquamarine's staff. The Company is committed to continued investment in high quality post-graduate training. The Partnership will ensure that the brightest PhD students at Queen's will have the opportunity to work with professionals at Aquamarine and ultimately to join the Company's rapidly growing team of experts. The Company has doubled in size in the last six months alone with a quarter of its staff holding PhDs.


Martin McAdam, Chief Executive of Aquamarine said: "I am delighted to announce Aquamarine's continuing relationship with Queen's world-leading team. Professor Trevor Whittaker is an award-winning expert in wave energy research. He and his group have tested and deployed more devices in their time than any other research facility in the world.

"This agreement creates a fantastic opportunity on two fronts. Firstly it provides Aquamarine with access to the University's world-class wave power test facilities, enabling Aquamarine to continue to enhance the design of Oyster® as a market leading technology, and as importantly, gives us access to the brightest PhD students in this field."


Professor Trevor Whittaker, Head of Wave Power Research Group, QUB added: "My group specialises in the application of fundamental research to industrial development, therefore I am very pleased to strengthen our links with Aquamarine Power, one of the world's leaders in marine renewable energy.

"It provides focus for the work of our research students, giving them an opportunity to participate in cutting edge research that will benefit society and the environment for current and future generations."


Ends

For further information, contact:

Buchanan Communications
Diane Stewart 0131 226 6150
dianes@buchanan.uk.com
Carrie Clement 0131 226 4427
carriec@buchanan.uk.com
Isabel Podda
isabelp@buchanan.uk.com 0207 466 5000


Or visit www.aquamarinepower.com

Notes to Editors:
Aquamarine Power Ltd

Aquamarine Power is the only UK marine energy company developing both wave and tidal power devices simultaneously and to have secured test berths for both technologies at the European Marine Energy Centre (EMEC) in Orkney.

Aquamarine Power was founded in 2005 by leading marine energy developer, Allan Thomson, and Professor Trevor Whittaker, head of the award-winning wave power research group at Queens University Belfast.

Aquamarine Power's senior management team includes CEO, Martin McAdam, who founded Airtricity's US operations, recently sold for £0.75 billion, and COO, Matthias Haag, former General Manager at Shell WindEnergy.

In October 2007 Aquamarine Power joined forces with Scottish and Southern Energy plc's subsidiary, Renewable Technology Ventures Ltd (RTVL), securing a £6.3m investment from SSE and a further £1.5m from Sigma Capital Group plc.

Aquamarine Power has received significant funding and support from Scottish Enterprise, Highlands and Islands Enterprise, the Technology Strategy Board, the Royal Academy of Engineering, the Engineering and Physical Sciences Research Council (EPSRC) and the Scottish Government.

Aquamarine Power recently featured in leading environmental business website Greenbang's UK Clean Tech Start-Up Index of 23 top UK new businesses in the clean technology sector. More details at www.greenbang.com.

Aquamarine Power was recently named 'Emerging Technology Promoter of the Year' at the Global Renewable Energy Awards. More details at www.euromoney.com.


QUB Environmental Engineering Research Centre

The marine renewable research capacity at the Environmental Engineering Research Centre, Queen's University Belfast, is among the best in the world and in collaboration with Aquamarine, Oyster® will be the Centre's sixth wave power sea trial. Founded in 1976, the internationally acclaimed Wave Power Research Group is the only renewable energy group to have won the Royal Society Esso Energy Awards.
The Centre is home to one of three research clusters within the new School of Planning, Architecture & Civil Engineering (SPACE). The cluster's activities integrate the built environment within the natural environment using science and engineering to meet the principles of social, economic and environmental sustainability.
Sustainable development poses some of the most serious challenges of the 21st century. Queen's University Belfast has decided to prioritise research and teaching on sustainable development as a major thematic focus for the coming years. Wave and tidal power research at QUB is part of this mission, providing fundamental research on sustainable energy solutions.
See information on Oyster®, LIMPET and a wave powered desalination plant at http://www.qub.ac.uk/research-centres/WelcometoSustainableDevelopmentatQueens/RelatedResearch/

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