Scottish renewable energy firm AWS Ocean Energy announced that France's Alstom has taken a 40 percent equity share in the company.
Alstom will be a shareholder, alongside Shell Technology Ventures Fund 1 and Scottish Investment Bank, who continue their support of AWS Ocean Energy, AWS reported.
The move complements the existing activities of Alstom's Ocean Energy business in Nantes, France, where the company is developing its 1-MW commercial-scale tidal turbine prototype, the Beluga 9.
AWS Ocean Energy is currently focusing on the development and delivery of its AWS-III wave energy converter, a floating device with a rated power output of 2.5 MW.
Alstom Senior Vice President of Hydro and Wind Philippe Cochet stated: "We are extremely excited about entering the wave energy market at this pivotal time. Our engagement with AWS forms an important part of the strategic development of our 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."
For more hydropower news and information, click here