Scottish wave energy developer AWS Ocean Energy has received EUR 2 million in investment from Scottish Enterprise's Scottish Co-investment Fund and Shell Technology Ventures Fund 1 (STVF1), affiliated with Royal Dutch Shell. This is the second investment from STVF1, while it's the first from Scottish Enterprise.

The new investment will allow AWS Ocean Energy to continue with the development of their wave power technology and deploy it. Furthermore, the company is also developing contextual systems, such as mooring systems, which can be used across a wide range of applications in the wave and tidal energy industry sectors.

Archimedes Wave Swing (AWS) prototype being tested at sea a few years ago.

The company's AWS-III system is built on extensive research and testing data. The new and improved system will be able to generate from 2.4 to 4 MW of electricity.

AWS Ocean Energy hopes to be able to develop the technology to its maximum potential, and contribute to the country's renewable energy target set for 2020. Ocean energy shows great potential, and it is expected it will play a significant part in the global renewable energy mix.

[source: AWS Ocean Energy, image: AWS Ocean Energy]