Aquamarine Power has secured £7m ($11m) in new funding along with further commitments from existing investors over the next two years, bringing commercialising of its Oyster technology a step closer, said the UK wave energy company.

The company has closed a funding round of £7m comprising £3m each from ABB and SSE Venture Capital – SSE’s ventures unit – together with £1m from Scottish Enterprise, the Scottish Government’s enterprise agency, via the Scottish Investment Bank.

Aquamarine Power’s existing major shareholders (SSE, ABB and Scottish Enterprise) are working together to develop a further funding package of £18m to take the company to commercialisation in 2014.

The news follows the announcement earlier this month of a £3.4m loan from Barclays to Aquamarine Power to part-finance the completion of a 2.4 MW Oyster array at the European Marine Energy Centre (EMEC), Orkney.

Aquamarine Power aims to start delivering the first pre-commercial marine energy arrays in Scotland in 2014, said CEO Martin McAdam.

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