In return, Alstom acquires a 40 percent equity stake in Inverness-based AWS Ocean Energy.
The investment – the amount of which has not been disclosed -- is Alstom’s first in the wave energy sector.
The infusion of funds provides the Scottish firm with the financial strength to expand its operations and accelerate the development of its AWS-III wave power technology.
During a ceremony at Edinburgh Castle, Scotland First Minister Alex Salmond described the deal as “hugely significant”.
“It is a strong vote of confidence in the innovation and engineering capabilities of AWS and their partners and underlines the growing strength of Scotland’s renewables industry as we look to harness our unrivalled wave, tidal and wind sources,” Salmond said.
In welcoming Alstom, Simon Grey, AWS Ocean Energy’s Chief Executive, said the company’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,” Grey said.
Alstom’s Senior VP of Hydro and Wind, Philippe Cochet, said his company engagement with AWS is a key step in the overall strategic development of its recently created business activity, Alstom Ocean.
“Having reviewed many different technologies, and undertaken further detailed analysis with the most promising, we are absolutely confident that AWS-III is a technology that perfectly complements our existing ocean activities: tidal energy and offshore wind, while further reinforcing Alstom’s position as a leading supplier of clean energy solutions,” Cochet said.
For additional information:
