Aquamarine Power Ltd has signed a Development Agreement with Airtricity, the renewable energy development division of Scottish and Southern Energy, aimed at developing sites capable of hosting 1,000MW of marine energy by 2020.
Aquamarine Power Ltd ("Aquamarine" or the "Company") has signed a Development Agreement with Airtricity, the renewable energy development division of Scottish and Southern Energy ("SSE"), aimed at developing sites capable of hosting 1,000MW of marine energy by 2020.
Under the Agreement, the two companies will enter into a 50:50 joint venture to develop wave and tidal energy sites in the UK and Republic of Ireland. Work on the development of the first two sites has already started, with plans to roll out further sites over the next three years.
To complement its technology development, Aquamarine's in-house site development team has developed unique tools to identify and evaluate marine energy sites across the world. Using its in-house model of tidal and wave power resources around the coasts of UK and Ireland, the Company has identified several Gigawatts (GW) of promising sites. To secure consent to develop marine energy capacity, high consideration must be given to local stakeholders, socio-economic impacts, environmental compatibility and other sea-users' needs.
The two companies' goal is to deliver marine energy sites suitable for deploying Aquamarine's market-leading wave and tidal technologies, including the Oyster® Wave Energy Converter and the Neptune Tidal Device. The two companies will work together with stakeholders to select and develop the most promising sites to deliver local economic benefits, environmental protection and clean energy.
Aquamarine is simultaneously pursuing a similar contract for developments in Southern Europe.
Martin McAdam, Chief Executive of Aquamarine, commented: "This contract is the biggest deal in the history of marine energy. Fully consented offshore wind farm sites are selling to owner operators at anywhere between £150,000 and £400,000 per MW consented, giving a strong indication of the large potential value of this deal if all 1,000MW of sites receive full consents and grid connection."
Stephen Wheeler, Airtricity's Director responsible for marine development added "Airtricity is committed to the renewable energy market. Following the significant investments made by our parent company, Scottish and Southern Energy, in Aquamarine and their technology, this is the next logical step; to provide a route to market for their promising Oyster® and Neptune technologies. The agreement gives Airtricity a first option on sites Aquamarine develop, using their know-how and technology to identify and develop environmentally sensitive and profitable sites for the future. Aquamarine's technologies also have similarities with our experience in hydro-electric and off-shore wind.development. We see marine energy making an increasingly important contribution to our growing portfolio of renewable energy generation plants. "
For further information, contact:
Diane Stewart 0131 226 6150
Isabel Podda 0207 466 5000
Carrie Clement 0131 226 4427
Or visit www.aquamarinepower.com
Notes to Editors
Aquamarine was the first marine energy company in the UK to develop 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 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 Queen's University Belfast.
Aquamarine'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 joined forces with Scottish and Southern Energy'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 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 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 was recently named 'Emerging Technology Promoter of the Year' at the Global Renewable Energy Awards. More details at http://www.euromoneyenergy.com/default.asp?Page=11&eventid=ECK501.
Airtricity is the renewable energy development division of Scottish and Southern Energy (SSE). The company has responsibility for the development of onshore and offshore wind farms in the UK, Ireland, Europe and Asia as well as developing hydro and marine projects.
The company is currently developing two of the worlds larger windfarms, a 504 MW Offshore windfarm, Greater Gabbard located off the Suffolk coast of England and a 456MW onshore wind farm, Clyde located in the Upper Clyde Valley in Scotland."
Airtricity was acquired by SSE in February 2008 and the combined Airtricity / SSE team has developed 40 wind farms across Europe and North America resulting in over 1500MW, making it a leading wind farm developer. The company's goal is to protect the future of our planet by delivering renewable energy with passion, innovation and integrity.