A major stakeholder in Blue Power Energy Conor Haughey has appointed Beary Capital Partners to advise him on a €1.5m fundraising for wave energy development, Independent.ie informs.
Blue Power Energy, in which Haughey holds 65 per cent stake, is seeking the investment to commercialize its newly developed way of capturing the power of waves, by 2016.
Haughey was quoted by Independent.ie as saying: “The next step is to present to investors.
“What we have is a very different technology that hasn’t been tried before. We have a totally new kind of power take-off unit that greatly improves energy capture and efficiency.”
Damien Browne who holds a 15 per cent interest in the company said that the company will focus on island communities like the Canaries and Malaysia where electricity is very expensive.
He expects that testing at scale in Galway Bay will be executed in early 2015 and that the company will generate revenue in a serious way in 2016.
[mappress]
Subsea World News Staff, April 15, 2013