Albatern Gets Fund for Wave Energy Development
Scottish Enterprise has supported Albatern through a £400k investment from the Renewable Energy Investment Fund, which it administers of behalf Scottish Government.
The funding will enable the company to complete verification of existing units and position it to commercialise and scale up their array based WEC – WaveNET.
The WaveNET technology is built from individual SQUID generating units.
The company is currently looking to build a market in Scotland to support domestic aquaculture operators (such and fish farms) and island communities, with a long term ambition for international sales of the technology can be successfully proven & commercialised, Albatern said.
SDI currently supporting the company’s international aspirations. Potential first export markets would be Chile, Japan, Canada, Norway and New Zealand.
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.
“REIF is designed to promote the use of energy from specific renewables sources, and drive further investment into key areas of Scotland’s renewables industry, and this latest investment shows how it is doing just that.”