Pelamis, a wave power developer, is looking for a strategic partner, the company’s chief executive, Per Hornun Pedersen, said, confirming a report in news provider The Scotsman.
Pelamis is expected to announce a new strategic investor by the end of the summer.
Pelamis Wave Power raised €5 million (then $7.9m) in 2008 in a round backed by Statoil Venture, the corporate venturing unit of the eponymous Norway-based oil company as well as fund manager BlackRock and venture firms Emerald Technology Ventures, Atmos and SPG Sustainable Performance Group, according to news provider Green Car Congress. State investment body Scottish Enterprise’s Scottish Venture Fund (SVF), provided €2m.
Pelamis has raised £45m ($73m) in venture funding since 1998, the Scotsman said.