Albatern has received investment in the amount of GBP 400.000 from Scottish Government, through the Renewable Energy Investment Fund (REIF).
The funding will enable the company to complete verification of existing units, and to commercialize and scale up their array based on WEC – WaveNET technology.
The company wants to build a market in Scotland to support domestic aquaculture operators and island communities, with the ambition of expanding internationally.
Andrew Smith , head of REIF said: “Projects such as this clearly demonstrate how the marine energy sector continues to offer potential for Scotland’s economy. Albatern is taking an innovative approach both in terms of technology and commercialisation, and this funding will further support its ambitious plans for the future.”
David Campbell , CFO of Albatern, said: “Albatern is pleased to secure this investment from the Scottish Enterprise Renewable Energy Investment Fund and our existing investor which allow us to further demonstrate the capability of the current SQUID units working in an array. This provides a strong base to develop a larger unit for locations with bigger waves and higher electrical loads, such as larger islands where we believe that further cost efficiencies can be achieved.”
Albatern is a Scotland-based wave energy developer, that has designed the WaveNET technology built from individual SQUID wave energy generating units, that can be coupled to make WaveNET arrays.
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Image: Albatern