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OPD Secures Grant to Upgrade Wave Technology Production Facility

Posted on: Thursday, 26 July 2007, 09:20 CDT

The Scottish Executive has revealed that Edinburgh, Scotland-based offshore wave energy company Ocean Power Delivery has secured a GBP260,000 regional selective assistance grant to upgrade its production facility at the Fife energy park in Methil, Scotland.

The Scottish Executive has worked closely with Ocean Power Delivery (OPD), which is recognized internationally for its role in developing wave technology, to secure financial assistance for a manufacturing facility for its so-called 'Pelamis' wave energy converter technology.

OPD has a long-term goal of supplying the technology to wave-farm project developers in a potential GBP500 billion global wave energy converter market. The funding will anchor the company as a permanent tenant at the Fife energy park, the executive said.

John Swinney, Scotland's finance and sustainable growth secretary, said: "[OPD] have shown just how successful Scottish companies can be - Pelamis has the potential to revolutionize how the world produces energy from the sea."

Dr Martin Reynard, CFO of OPD, added: "This grant award is intended to help offset investment costs for manufacturing at the Fife energy park, which can in turn help bring OPD one step closer to commercial volume production of Pelamis."

Source: Datamonitor

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