Alstom, a France-based engineering group, has taken a 40% stake UK-based AWS Ocean Energy for an undisclosed amount and as its first investment in a wave energy firm.
Simon Grey, AWS’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 realize their major wave energy projects in Scotland and elsewhere.
"Alstom’s investment provides us with the stability we need in order to attract top talent to work for us and so today we are launching a recruitment campaign to expand our engineering team at Inverness."
Philippe Cochet, Alstom’s senior vice-president of Hydro and Wind, said: "Our engagement with AWS today forms an important part of the strategic development of our recently created business activity, Alstom Ocean."
Alstom becomes a shareholder in AWS alongside the Shell Technology Ventures Fund 1 (managed by Kenda Capital) and Scottish Enterprise/Scottish Investment Bank, which had previously provided more than £2m ($3m) to AWS since 2008.The other named investors on its website include hedge funds RAB Capital and Tudor, clean-tech investors Tersus Energy and engineeering group Isleburn Group.
Its lead product – the AWS-III (pictured) named after the Archimedes Waveswing – is a ring-shaped multi-cell surface-floating wave power system and has evolved from technology first deployed and tested in Portugal in 2004.