Pelamis explores options for growth

SCOTTISH renewable-energy firm Pelamis Wave Power (PWP) said yesterday it was weighing up its options for how best to scale up its manufacturing to commercial levels.

It added its three major customers – E.ON, ScottishPower Renewables and Vattenfall – were all now developing commercial projects for its Pelamis wave-energy machines and had made inquiries for “significant” orders.

A spokesman for Edinburgh-based PWP said options being looked at included a fresh injection of cash from new investors, existing funders being asked for more support or a mix of both of these.

He did not say how much of a funding boost PWP was looking for.

Professional services firm Ernst and Young is helping the company to reach a decision.

PWP, which employs 41 people, said fulfilling expected demand for its wave-energy devices was a “key component” of its strategic review.

Gina Domanig, the firm’s chairwoman, added: “Pelamis is on the cusp of making commercial wave-energy a reality in the UK.

“The growth of our business is driven by customer demand and our financial projections are based on real commercial interest.

“We have the most commercially advanced technology in marine energy and a mature business model that has attracted several significant customer orders, which is unique in the sector. The pieces of the jigsaw are in place.”

Ms Domanig said PWP was considering how best to evolve, so that the step from pre-commercial testing to fully-fledged commercial wave farms was as seamless as possible.

The company also said it was making “excellent progress” with field trials of its second-generation P2 machine.

Norwegian renewable-energy firm Langlee Wave Power said yesterday it had secured £700,000 from an investor, Färna Invest.

Langlee said the cash injection meant it could further develop its green technology, which includes the E1 wave-energy converter.