AWS Ocean Energy wins Alstom investment

French power generation and transmission company Alstom has taken a 40 percent equity stake in Scottish firm AWS Ocean Energy.

Wave energy company AWS Ocean Energy Ltd. (Inverness, Scotland) announced on June 21 that it had secured a major investment from Alstom (Levallois-Perret, France), a global leader in power generation, power transmission and rail infrastructure. Alstom acquired a 40 percent equity stake in AWS Ocean Energy. This will give the company the financial strength to expand its operations and accelerate the development of its AWS-III wave power technology. It is Alstom's first investment in the wave energy sector.

Simon Grey, AWS Ocean Energy's chief executive, said, "Alstom's investment is a significant boost for AWS Ocean Energy and Scotland's wave energy sector as a whole. Alstom's decision to invest in our company as well as the support of the Scottish Government are strong endorsements of what we have achieved so far and a major source of motivation to accelerate the commercial development of our technology.

Alstom becomes a shareholder in AWS Ocean Energy alongside the Shell Technology Ventures Fund 1 (managed by Kenda Capital) and Scottish Enterprise/Scottish Investment Bank.