RAB Capital invests £2 million in AWS RAB Capital invests £2 million in AWS

AWS Ocean Energy Lld, a privately-owned Scottish company that has built a revolutionary wave power generating system for early commercial development, has raised £2 million in equity funding from the leading investment group RAB Capital.

The new funding will be used to assist with further development work ahead of full¬scale commercial demonstration starting in 2008.

The Archimedes Wave Swing (AWS) generator is the world's most powerful and efficient wave power generator, and has already completed successful trials putting electricity into the Portuguese national grid. The AWS system is moored to the seabed, invisible from the surface, and generates electricity when passing waves move an air-filled upper casing against a lower fixed cylinder.

It was originally invented in the Netherlands and AWS Ocean Energy was formed as a British company to develop and apply the technology, which is fully protected by international patents, in both the UK and overseas markets

Simon Grey, Managing Director of AWS Ocean Energy, said: "This early backing from one of London's leading investment management companies demonstrates that robust and efficient wave power technology has an exciting contribution to make to the supply of renewable, secure energy."

The new funding will enable AWS to assemble a world-class engineering and commercial team at its headquarters in Ross-shire, Scotland, and to complete the design of a pre-commercial demonstrator to be fabricated in 2007. The MK 11 design will build on the success of its pilot plant off the coast of Portugal.

AWS was advised in the fundraising by the clean energy investment and advisory firm Tersus Energy plc.

Jeremy Smith a Vice-President at Tersus Energy commented: "We are very impressed by AWS Ocean Energy's unique and fully patented technology, and believe the company has the potential to become one of the pre-eminent global developers in wave energy.