UK wave energy firm raises cash to build world's 1st commercial wave farm

LONDON -- Britain's Aquamarine Power has raised 6 million pounds (US$9 million) for the manufacture and installation of its new wave energy device, as it seeks to build the world's first commercial wave farm. Privately held Aquamarine, which raised the funds by selling equity to investors, plans to develop up to 1,000 MW of marine energy sites by 2020 in partnership with utility SSE Renewables.
In the world's first commercial wave and tidal leasing round, it won the rights to develop the Brough Head wave farm off the coast of Scotland, which at 200 MW could provide enough energy for around 190,000 homes.

Its Oyster 1 device has been undergoing trials at the European Marine Energy Centre in Orkney and is connected to the grid, and it hopes to deploy its new Oyster 2 device next summer.